The decision was made after assessing the company’s financial position and long-term operating prospects, the statement said.
SmartLynx Airlines CEO Edvinas Demenius explained in a statement that “the decision has been made after carefully evaluating all possible scenarios for further operations. Unfortunately, under the current circumstances, it has been concluded that the continuation of the company’s operations is no longer possible.”
The LETA agency reported that at the end of October, a legal protection case was initiated against SIA “SmartLynx Airlines” and a legal protection plan agreed with creditors had to be submitted to the court by February 28, 2026.
On October 28 this year, SmartLynx Airlines had a tax debt of 522,126 euros registered with the State Revenue Service (VID).
Before that, in October this year, the owners of SmartLynx Airlines changed – the company was acquired by the company’s management and a specialized investment fund based in the Netherlands.
The Dutch Stichting Break Point Distressed Assets Management currently owns 90% of SmartLynx Airlines’ shares, while 5% each is owned by Lithuanian citizens Mindaugas Kazakevičius and Demenius, who are members of the company’s board.
Previously, the sole owner of the company was SIA “Smart Aviation Holding”, which belongs to “Avia Solutions Group”, the true beneficiary of which is Lithuanian business tycoon Gediminas Žiemelis, according to information from “Firmas.lv”.
With the change of ownership, SmartLynx Airlines operated as an independent company, while subsidiaries SmartLynx Airlines Malta and SmartLynx Airlines Estonia remained in the ownership of the previous shareholder.
The announcement came despite apparently bullish passenger figures. SmartLynx Airlines carried a total of 10.66 million passengers last year, which is 62.5% more than in 2023. The airline’s fleet consisted of 68 aircraft at the end of 2024.
Last year, the company announced that it would no longer offer charter flights from the Baltic States, instead focusing on its core business – aircraft crewing, maintenance and insurance (ACMI) services.
In 2023, SmartLynx Airlines’ turnover was 339.027 million euros, and profit was 11.089 million euros, according to information from Firmas.lv.
SmartLynx Airlines was registered in 1992 and its share capital is one million euros.
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