Estonia’s state-owned Nordic Aviation Group has ceased operations and the management board files for bankruptcy.
The Group operated the Nordica flag-carrier and Xfly regional airline. A plan had been in the works to privatise the loss-making operations, but earlier in the week the Group was informed by the potential investor Lars Thuesen about the intent not to proceed with privatisation. As such, a decision has been taken to wind the Group up.
READ: 180 jobs lost as AERQ shuts down operations
“Nordic Aviation Group and Xfly have gone through a challenging path over the past 15 months since the airline began its turnaround process in August 2023. This journey has been marked by immense efforts from the entire team to bring the airline to a new and sustainable footing,” explained the CEO of Nordic Aviation Group, Remco Althuis.
“Our aim is to hand over the aircraft Nordic Aviation Group and Xfly are using to the lessors at the first possible time, most likely during the upcoming days,” explained Althuis. “This is accompanied by all relevant formalities applicable to bankruptcy proceedings, including notifying the Estonian Unemployment Fund.”
The post Nordica and Xfly file for bankruptcy appeared first on Aviation Business News.
