SmartLynx Airlines begins legal protection and restructuring process

Latvian ACMI carrier seeks stability and growth amid market challenges

The Riga District Court has initiated legal protection proceedings for Latvian-based SmartLynx Airlines (SIA “SmartLynx Airlines”) as of 28 October 2025, according to the national Insolvency Register. Armands Rasa has been appointed as the supervising administrator.

The airline, which had a tax debt of €522,126 registered with the State Revenue Service (SRS) on the same date, has confirmed that it has launched a restructuring process aimed at ensuring its long-term stability and growth.

This move follows a recent change in ownership, under which the management team, together with a specialised investment fund based in the Netherlands, acquired SmartLynx Airlines Latvia. The company has since begun implementing a recovery plan to secure business continuity and meet its obligations to customers.

“The recovery plan allows us to implement necessary changes while maintaining operations and fulfilling commitments to our partners,” said Edvins Deme?us, CEO of SmartLynx Airlines Latvia.

Deme?us noted that the ACMI (Aircraft, Crew, Maintenance, Insurance) industry has faced a volatile environment marked by rising costs, aircraft delivery delays, and slower market growth. In this context, SmartLynx aims to renegotiate terms with partners and creditors to align with current market realities and provide time for restructuring.

Despite industry pressures, SmartLynx achieved significant operational growth last year:

• 10.66 million passengers carried in 2024, up 62.5% year-on-year.
• 68,085 flights performed, up 43.4% from 2023.
• Cargo volumes reached 31,872 tonnes, down 6.8%.
• Fleet size increased to 68 aircraft by the end of 2024.

SmartLynx Airlines, one of Europe’s key ACMI and charter operators, said it remains committed to completing its restructuring successfully and maintaining service reliability for its global airline partners.