The aviation industry again faced significant turbulence in 2024, with 14 airlines ceasing operations due to financial challenges and market dynamics. We look at the airlines that went bankrupt and those that rebranded or restructured in 2024.

Those that ended operations…

CSA (Czech Republic)

CSA, a century-old airline, operated with a reduced fleet of two Airbus A320s after facing near-collapse in 2021 post covid. In 2024, its operations were absorbed by Smartwings, with CSA being converted into a holding company. This marks the end of its membership in the SkyTeam alliance.

Bonza (Australia)

Bonza, an ambitious low-cost airline aimed at serving underserved Australian markets, shut down in mid-2024. Despite backing from 777 Partners and a promising start with a Boeing 737 fleet, it struggled to gain sufficient traction

FlyEgypt (Egypt)

FlyEgypt, a low-cost and charter operator focused on routes to Saudi Arabia, ceased operations in October 2024, with just one Boeing 737-800 left in its fleet.

Nordica (Estonia)

Launched as Estonia's flag carrier after Estonian Air's collapse in 2015, Nordica transitioned to wet-leasing and ACMI services in recent years. However, these efforts fell short, and the airline ceased operations in November 2024.

FlyArna (Armenia)

FlyArna, a joint venture between Air Arabia and a local partner, aimed to become Armenia's national carrier. However, competition from other low-cost carriers, such as FlyOne and Wizz Air, and larger airlines from Russia and the Middle East, left little room for FlyArna in the region's small and volatile market. The airline operated three Airbus A320-family aircraft at its peak but ceased operations in January, with its Air Operator Certificate (AOC) revoked in March.

Humo Air (Uzbekistan)

Humo Air had one of the shortest lifespans in aviation history. Launched in December 2023 as Uzbekistan liberalized its air travel market, the low-cost carrier aimed to operate a fleet of 18 aircraft by 2025 and serve 60 destinations. However, these ambitions quickly unraveled, and the airline ceased operations in 2024.

Jetlines (Canada)

Jetlines, a Canadian low-cost carrier that began operations in 2022 with a fleet of four Airbus A320 aircraft, ceased flying in 2024 due to financial difficulties.

OTT Airlines (China)

A subsidiary of China Eastern Airlines, OTT Airlines operated more than 20 Chinese-made ARJ21 aircraft. Established in 2020, the airline ceased operations in 2024, with its fleet and routes integrated into its parent company.

Lynx Air (Canada)

Canada’s Lynx Air, previously known as Enerjet, was a low-cost carrier operating nine Boeing 737 MAX aircraft, with 38 more on order. Despite its ambitious plans, the airline folded in 2024, unable to sustain operations in Canada’s competitive market.

LIAT (Antigua and Barbuda)

LIAT, a regional Caribbean airline, has faced repeated financial crises over the years. After surviving near-liquidation in 2020, the airline succumbed again in early 2024, ceasing all operations.

Tailwind Air (United States)

Known for its unique seaplane services between Manhattan and Boston, Tailwind Air suspended operations in 2024 due to insufficient demand. The airline is now seeking investors to revive its niche business model.

Eagle Air (Iceland)

This small regional airline, operating within Iceland, ceased operations in 2024.

Lamnei Airlines (Cambodia)

Part of a boom in Cambodian aviation, Lamnei Airlines operated a small fleet of Airbus A320-family aircraft connecting Cambodia with China and Southeast Asia. It folded in 2024 amid intense competition and financial struggles.

JetAir Caribbean (Curaçao)

Had only a single Fokker 70 aircraft used on regional routes before filing for bankruptcy.

Those that rebranded or restructured

Spirit (USA)

In 2024, Spirit Airlines, the prominent U.S. low-cost carrier, filed for Chapter 11 bankruptcy, citing rising operational costs and challenges adapting to post-pandemic travel trends. Despite efforts to rebrand and target higher-yield travellers, the airline struggled to compete with full-service carriers and faced financial strain from its expansion plans. Spirit's restructuring aims to stabilize operations, but its future remains uncertain amid intense competition in the low-cost market.

Air Vanuatu (Vanuatu)

This small Pacific airline, known for connecting Vanuatu with Australia, New Zealand, and other Pacific islands, suspended operations as part of a restructuring effort. The carrier, which had previously garnered attention for ordering Airbus A220 aircraft, resumed limited domestic flights in August 2024 after months of being grounded.

Air Malta (Malta)

A historical name in aviation, Air Malta didn’t face a complete demise but underwent a significant transformation. The Maltese government replaced the airline with a new entity, KM Malta Airlines, essentially Air Malta rebranded. This transition provides a fresh start with a clean balance sheet and a revised strategy. Time will tell if the new airline can succeed where its predecessor struggled.

Vistara (India)

Rather than a bankruptcy, Vistara was merged into Air India in 2024 as part of a strategic consolidation effort by its parent companies.