Latvia’s SmartLynx Airlines has filed for insolvency, LETA reports. CEO Edvinas Demenius explained that SmartLynx had intended to implement a restructuring plan by 15 December 2025. However, “false and misleading information from various stakeholders” had led to the loss of aircraft and customer contracts, he said. SmartLynx has liabilities totalling around EUR 238mn, of which EUR 170mn is to the airline’s previous owner, Lithuania’s Avia Solutions Group. SmartLynx was established in 1992. The company operated 68,085 flights and carried 10.66 million passengers in 2024. The carrier had a fleet of 68 aircraft at the end of 2024. SmartLynx stopped operations on 24 November 2025, LSM reported. The company’s current owners are Dutch-based Stichting Break Point Distressed Assets Management (90%) and board members Mindaugas Kazakevicius (5%) and Edvinas Demenius (5%).
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