One of the largest airlines based in Riga has ceased operations 0 16

The decision was made after assessing the financial situation and the prospects for the long-term operation of the company.

According to the Executive Director of Smartlynx Airlines, Edvinas Demenius, this decision was made after a thorough evaluation of all possible scenarios for further operations. "Unfortunately, under the current circumstances, it has been concluded that the continuation of the company's activities is no longer possible," added the Executive Director of Smartlynx Airlines.

A representative of SmartLynx, Agija Kola-Kanca, explained to the LETA agency that a small team is currently continuing to work at the company to organize the return of leased aircraft to their owners.

She added that it is currently impossible to specify the exact number of employees who will lose their jobs, as the announcement of the cessation of operations was made today. "SmartLynx employs about 380 workers in Latvia, so this issue is being addressed," she added.

According to her, there is currently one or two aircraft in the fleet of SmartLynx Airlines in Latvia, while the remaining aircraft are under the control of SmartLynx Airlines Malta and SmartLynx Airlines Estonia, and the process of their return is ongoing.

The SmartLynx office in Riga was rented, so the future of the office depends on the building's owners.

SmartLynx did not comment on the total amount of the company's debt, adding that the priority for the company is its employees, and negotiations are underway for the most advantageous termination of employment relationships and support for personnel.

The Chairwoman of the Board of Riga Airport, Laila Odina, noted in the program "Spried ar Delfi" on Monday that "Smartlynx" has practically not operated flights from Riga Airport, and charter flights have also not been conducted in the past year. "Smartlynx" only operated in the ACMI business - leasing aircraft to other airlines in different countries, and hardly performed flights from Riga, so "Smartlynx" does not affect the number of flights and passengers serviced at Riga Airport," she added.

As reported, on October 28, 2025, the Riga District Court initiated a legal process concerning Smartlynx Airlines.

According to the State Revenue Service, as of October 28, SmartLynx Airlines had a tax debt of 522,126 euros.

The airline previously informed the LETA agency that after changes in ownership, the company began implementing a restructuring plan to ensure further operations.

It was also reported that in October 2025, there was a change of owners at SmartLynx Airlines - the company was acquired by the management of the company and a specialized investment fund from the Netherlands. Currently, 90% of the capital of SmartLynx Airlines belongs to the Dutch Stichting Break Point Distressed Assets Management, while 5% belongs to Lithuanian citizens Mindaugas Kazakevičius and Edvinas Demenius, who are members of the company's board.

Previously, the sole owner of the company was Smart Aviation Holding LLC, owned by Avia Solutions Group, whose ultimate beneficiary is Gediminas Žemalys.

The company previously stated that with the change in ownership, SmartLynx Airlines would operate as an independent entity, while SmartLynx Airlines Malta and SmartLynx Airlines Estonia would remain under the ownership of the previous shareholder. However, the company has now clarified that both entities have changed owners and belong to the same owners as Smartlynx Airlines Latvija.

In 2024, SmartLynx Airlines transported 10.66 million passengers, which is 62.5% more than in 2023. The airline performed 68,085 flights, which is 43.4% more than the previous year, while the volume of cargo transported decreased by 6.8% to 31,872 tons. At the end of 2024, the airline's fleet consisted of 68 aircraft.

According to Firmas.lv, in 2023, SmartLynx Airlines had a turnover of 339.027 million euros and a profit of 11.089 million euros. The consolidated turnover of the SmartLynx Airlines group was 496.651 million euros, with a profit of 22.774 million euros. Financial results for 2024 have not yet been published.

SmartLynx Airlines was registered in 1992, and its authorized capital is 1 million euros.