Major airline closes down after plunging into administration - £206m in debt

A major airline plunged into administration after more than three decades in the skies, leaving behind £206million in debt. Smartlynx Airlines, from Latvia had entered financial distress earlier in the autumn of 2025.

These efforts failed to save the airline, as undisclosed debt levels and the inability to secure a viable recovery plan led to the shutdown of its operations and the withdrawal of many aircraft. The airline was well known for providing European airlines, such as EasyJet, which would add their own branding to the otherwise white planes. The airline had even expanded its operations as far afield as India in recent years.

In 2023-2024, the airline expanded its fleet size dramatically to meet demand, carrying more than 10 million passengers in a single year and serving customers such as IndiGo, Turkish Airlines' AnadoluJet, AirTransat, DHL and others through customised ACMI and charter services.

However, on November 24 2025, the company confirmed it would shut down operations entirely, leaving behind £206m (€240 million) in debt and £433,000 (€500,000) in unpaid taxes owed to the Latvian state.

The closure marks the end of one of Europe's more established wet-lease and charter providers after 33 years of operations.

In a statement, the airline said: "This decision comes after a thorough assessment of our situation and long-term outlook, and it was not taken lightly.

"We started as a small Latvian airline with big dreams, and over 33 years grew into an international family known for resilience, adaptability, and a spirit that never backed down.

Leaving behind a "true legacy" the airline thanked their thousands of colleagues. The statement added: "SmartLynx has always been built by its people - passionate professionals from all corners of the world who took on every challenge with determination."

"Together, we filled the last three decades with moments that won't be forgotten: days and nights in the skies, flights all over the world, new bases opening, new teams forming, and lots of special stories.

"These moments, created by thousands of dedicated colleagues over three decades, are the true legacy of SmartLynx. To our teams, partners, clients, and friends - thank you."