Like every year, we reopen the list of airlines that have stopped operating, mostly because they have gone bankrupt or run out of funds, although it is also true that in some cases there are more complex causes or a combination of factors.

In any case, it didn’t take long to get the first names in the list right after the start of the year, and some names are even repeaters!

By the way, in case you wished to compare how airlines fare in 2023 vs the previous year, here is the list of airlines that went out of business in 2022.

Cascadia Air (Canada)

It seems that we already have the first airline wind-down this year. Cascadia Air was a rather small local and regional operator in British Columbia operating Piper Navajo Chieftains and King Air C90s turboprops. Here’s the statement announcing they are closing down and stopping all operations.

Flybe (UK)

Unfortunately this is a repeat entry in this list, since the first iteration of Flybe was already in the 2020 airline bankruptcy list. It was subsequently revived and relaunched (in a smaller form), but it didn’t manage to consolidate before going out of business for a second time in two years.

Flyr (Norway)

Another young airline that goes bust. This one started by a team of mainly ex-Norwegian executives. It was included in our list of new airlines launched in 2021. But the flight has been certainly short. It had been rumoured already for some time that Flyr had liquidity problems and its demise has been confirmed today it was confirmed in this official communication of the Oslo stock exchange. Flyr operated a fleet of Boeing 737 aircraft out of Oslo following a low cost model.

Novair (Sweden)

This Danish-owned, Sweden-based leisure charter operator had been operating for 25 years, but the loss of a contract with its main customer, the touroperator Apollo (part of the Kuoni group), made its continuity inviable. Novair operated 2 A321neos.

Aeromar (Mexico)

This Mexican airline, whose official name is “Transportes Aeromar, S.A. de C.V”, had been in the market for 35 years. It closes down after having failed to renegotiate outstanding debts that amounted to 4B Pesos (that is around $200M). It operated an ATR turboprop fleet of which, at the moment of ceasing its operations, only three remained active.

Viva Air (Colombia)

This may not be the end of the company, particularly since an acquisition process by Avianca is under way and, at the time of writing these lines, being considered by the competition authorities of Colombia, but the fact is that Viva has already suspended all flights amidst a very complicated financial situation.

Ultra Air (Colombia)

This one was short-lived. Ultra Air, a Colombian low cost airline, has operated for barely a year before shutting down. It’s been a brutal start of 2023 for Colombian LCCs, with Viva Air also giving up a few weeks earlier. The continuity of Ultra Air was put in question when JetSmart withdrew from an previous agreement to buy it. The Colombian aviation authorities, keen to avoid the scenes of chaos that took place at airports when Viva Air ceased operations, imposed a strict monitoring plan to Ultra Air. A last moment injection of additional capital by existing shareholders only prolongued the agony for a few more days. Ultra Air was operating a fleet of 6 Airbus A320 aircraft on an entirely domestic network.

Niceair (Iceland)

Niceair, an airline that was started last year to provide direct air links between different cities in Europe and Akureyri, the main city and tourist hub in the North of Iceland, has cancelled all flights, at least temporarily. However, the reason for this is, reportedly, not financial, but the fact that the airline has been left without any aircraft. Niceair is actually a virtual carrier, that subcontracted the flying to Portuguese charter and ACMI operator HiFly, but it seems that that company has had its own issues with the plane that was assigned to the Niceair operation, an Airbus A319. So, that aircraft is now out of service and Niceair is looking for a new plane, but there is no certainty about when and how it will arrive.

GoFirst (India)

Indian LCC GoFirst (formerly know as GoAir) announced it was stopping all operations on May 2, 2023. GoFirst is one of the largest airlines to fold in the last few months. It operated a fleet of 53 A320-family aircraft and it had another 89 A320neos on order.

Fly Gangwon (South Korea)

This one is, for now, a temporary cessation of activities, but it looks like there financial situation of Fly Gangwon is quite dire. Fly Gangwon stopped all operations and been stripped of its AOC. The Korean low cost airline had been operating since 2019 and has a fleet of 3 aircraft (2 A320s and 1 B737-800)

Air Moldova

The national carrier of this small Eastern Europe country (although it had privatized in 2018) has seen its AOC suspended due to the need to restructure. Air Moldova has suspended all operations until September 14, 2023. So this may be a provisional inclusion in the list, after all. Moldova, nevertheless is a small market, and despite having a reasonably good value product, faces strong competition from another Moldovan airline, FlyOne, as well as Wizz Air.

Thai Smile (Thailand)

A fully-owned subsidiary of Thai Airways, it was merged with its parent company on the last day of the year. It is one of those cases that have more to do with changes in marketing strategy than a real cessation of activities, nevertheless, I include it in the list.

Buta Airways (Azerbaijan)

This is yet another case of a flag carrier folding its fully-owned low-cost subsidiary. As in the case of Thai Smile, it is more a matter of changing commercial policy than of a real closure.

Swoop (Canada)

Like the two preceding entries in this list, a low-cost subsidary that is integrated into its parent company. In this case it was not a flag carrier, but privately-owned WestJet that decided to put an end to the Swoop experiment.

MY Airways (Malaysia)

Although it has technically “suspended” operations, MY Airways has been inactive long enough to qualify for this list. Moreover, some of its aircraft have started to be taken over by other airlines, such as Air Asia and Vueling.

JC International Airlines (Cambodia)

Another airline that has been inactive for months, although it looks like the team hasn’t given up yet, I think it is fair to include it in the 2023 list. JC International Airlines operated 5 A320 aircraft.

Equair (Ecuador)

This small Ecuadorean airline operated 3 Boeing 737-700s and stopped operating in September 2023, allegedly due to a challenging competitive environment.

Hi Air (South Korea)

One of those cases that I would not know about was it not for the support of the readers. This one was a really small carrier in Korea operating a fleet of 4 ATR-72 aircraft.

The 2023 airline bankruptcy list is now closed