Latvian Airline Smartlynx Ceases Operations After Three Decades, Citing Massive Debt
Riga, Latvia – Smartlynx Airlines, a Latvian carrier with a 33-year history providing passenger and cargo services across Europe and beyond, has entered administration and ceased all operations, leaving behind a debt of £206 million (approximately €240 million). The airline confirmed the shutdown on November 24, 2025, after struggling with financial difficulties since the autumn of that year.
Founded in 1992, Smartlynx grew to become a significant player in the wet-lease and charter market, operating flights for numerous established airlines including EasyJet, IndiGo, AnadoluJet of Turkish Airlines, AirTransat, and DHL. The airline notably provided unmarked aircraft branded by other carriers, and expanded its reach as far as India in recent years.
Between 2023 and 2024, Smartlynx experienced a period of fleet expansion to meet growing demand, transporting over 10 million passengers in a single year. However, despite this growth, the company was unable to overcome mounting financial pressures.
The airline also owes £433,000 (€500,000) in unpaid taxes to the Latvian government, according to reports.
In a statement released following the announcement, Smartlynx acknowledged the difficult decision, stating, “This decision comes after a thorough assessment of our situation and long-term outlook, and it was not taken lightly.” The airline expressed gratitude to its employees, describing them as a “true legacy” built by “passionate professionals from all corners of the world.”
The collapse of Smartlynx highlights the ongoing challenges facing the aviation industry, particularly for smaller carriers navigating economic headwinds and increasing operational costs. The administration marks the end of a longstanding provider in the European charter and wet-lease sector.
