Latvia-based full-service aircraft leasing company SmartLynx Airlines has announced that it will suspend all operations as of Monday, 24 November. In a statement issued by the company, it was noted that the decision was taken after a comprehensive assessment of its financial situation and long-term operational outlook.
SmartLynx Airlines CEO Edvinas Demenius stated:
“The decision was made after carefully evaluating all possible scenarios for the continuation of operations. Unfortunately, under the current conditions, it has been concluded that it is no longer possible for the company to continue its operations.”
Legal Proceedings Continue
According to information reported by the LETA agency, a legal protection case was filed against SIA “SmartLynx Airlines” at the end of October. The legal protection plan, which must be agreed upon with creditors, is required to be submitted to the court by 28 February 2026.
As of 28 October, the company had a registered tax debt of €522,126 with the State Revenue Service (VID).
Ownership Structure Changed
In October this year, the ownership structure of SmartLynx Airlines changed, transferring control to the company’s management team and a Netherlands-based private investment fund. Under the new structure:
90% of the shares belong to the Dutch Stichting Break Point Distressed Assets Management,
5% each belong to board members, Lithuanian citizens Mindaugas Kazakevičius and Edvinas Demenius.
The company’s previous sole owner was SIA “Smart Aviation Holding”, part of Avia Solutions Group, whose ultimate beneficiary was Lithuanian businessman Gediminas Žiemelis.
Following the new ownership arrangement, SmartLynx Airlines continued to operate independently, while SmartLynx Airlines Malta and SmartLynx Airlines Estonia remained under the ownership of the former shareholder.
Passenger Numbers Increased but Operations Halted
The decision to halt operations comes at a time when the airline’s passenger numbers were rising. SmartLynx Airlines carried a total of 10.66 million passengers last year, representing a 62.5% increase compared to 2023. The fleet consisted of 68 aircraft at the end of 2024.
Last year, the airline had announced that it would discontinue charter flights from the Baltic states and instead focus on its core business of ACMI (aircraft, crew, maintenance, and insurance) services.
According to Firmas.lv, the company’s 2023 financial results are as follows:
Revenue: €339.027 million
Profit: €11.089 million
SmartLynx Airlines, founded in 1992, has a registered share capital of €1 million.
