Smartlynx Airlines, a Latvia-based carrier founded in 1992, has entered administration with debts of £206 million (€240 million) and all flights cancelled. The airline, headquartered in Marupe, was primarily known for its wet lease operations, supplying aircraft, crew, maintenance, and insurance to other airlines.
The company had been struggling financially since autumn 2025. Despite efforts to rescue the business, rising debt and the inability to develop a workable recovery plan led to the shutdown of operations and grounding of multiple aircraft. The carrier served European airlines such as EasyJet, as well as IndiGo, AnadoluJet, AirTransat, and DHL through ACMI and charter offerings.
Between 2023 and 2024, Smartlynx expanded its fleet to meet demand, carrying over 10 million passengers in one year. However, on 24 November 2025, the company announced it would cease all operations, leaving outstanding taxes of £433,000 (€500,000) owed to Latvian authorities.
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.' The carrier paid tribute to its staff, acknowledging the 'true legacy' they leave behind.
The collapse follows that of UK airline Eastern Airways, which cancelled all scheduled flights in October 2025 and collapsed a month later after a major contract with KLM ended.
