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Multiple airlines cease operations or restructure amid financial challenges in 2024

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Multiple airlines cease operations or restructure amid financial challenges in 2024
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Geoffrey Thomas Editor-In-Chief - US Bureau Chief | Airline Ratings

The aviation sector experienced notable disruptions in 2024, with several airlines either shutting down or undergoing significant restructuring. Fourteen airlines ceased operations due to financial difficulties and market challenges.

Among those that closed were CSA from the Czech Republic, which transitioned into a holding company after being absorbed by Smartwings. Bonza, an Australian low-cost airline backed by 777 Partners, also shut down mid-year despite its initial promise. FlyEgypt ended operations in October, and Estonia's Nordica followed suit in November.

FlyArna, a joint venture aiming to be Armenia's national carrier, ceased operations early in the year due to stiff competition. Uzbekistan's Humo Air had one of the shortest lifespans before closing in 2024. Canadian carriers Jetlines and Lynx Air both folded under financial pressure.

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China's OTT Airlines integrated its fleet into parent company China Eastern Airlines after ceasing operations. LIAT from Antigua and Barbuda succumbed to financial crises once again, while Tailwind Air from the United States suspended services due to low demand.

Eagle Air of Iceland and Lamnei Airlines from Cambodia faced similar fates amidst competitive pressures. JetAir Caribbean filed for bankruptcy with just one aircraft in operation.

Some airlines opted for rebranding or restructuring instead of complete closure. Spirit Airlines filed for Chapter 11 bankruptcy while trying to rebrand and target higher-yield travelers amid rising costs. Air Vanuatu suspended operations as part of a restructuring but resumed limited flights later in the year.

Air Malta underwent a transformation into KM Malta Airlines under government direction, providing a fresh start with new strategies. In India, Vistara merged into Air India as part of strategic consolidation efforts by its parent companies.

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