Flyr (Norway) (Oslo Gardermoen) has said it will file for bankruptcy on the morning of February 1 at Oslo City Court. It “was not successful with a new financing plan” and the board concluded on the evening of January 31 that there are “no alternatives for further operation,” it said in a statement and accompanying stock exchange filing.
“The board’s decision is unanimous and is due to the fact that there is no longer a realistic opportunity to achieve a solution for the short-term liquidity situation,” it said.
“All of Flyr’s flights have been cancelled and ticket sales have stopped. We encourage everyone who has booked a ticket with us to contact their credit card company for a refund,” it advised.
Flyr had already warned earlier in the week about its unsuccessful attempts to raise capital and a critical short-term liquidity situation.
An executor will take over all responsibility for the company, and more information on the bankruptcy proceedings will be provided when a bankruptcy trustee has been appointed, Flyr said. Share trading on the Euronext Growth Oslo exchange is suspended.
“Questions regarding the further bankruptcy proceedings should be addressed to the bankruptcy trustee when appointed by Oslo City Court,” Flyr concluded. “Thanks to everyone who has chosen to fly with us over the past year and a half. […] We deeply apologise to everyone affected by the fact that we now have to go in for landing.”
In early October 2020, a team of seven Norwegian aviation veterans led by businessman Erik Gunnar Braathen revealed plans to launch a new airline the following summer. It completed its AOC certification just ahead of its June 30 inaugural commercial flight. By the end of 2021, however, it warned that it was seeing “significantly lower than expected” revenue and moved towards raising more funding.
A year later, it tried to find fresh equity to survive the winter season. But it secured only half of the amount it originally planned to finance a ramp-up in spring 2023, and by the end of January it was clear it could not raise the rest.
According to the ch-aviation fleets advanced module, as of January 31 Flyr operated an all-leased fleet of six B737-8s and six B737-800s. Lessors affected are Air Lease Corporation (all six B737-8s and one B737-800), Banc of America Leasing Ireland (one -800), Nissen Kaiun Co Ltd (one -800), SDH Wings International Leasing (one -800), and Standard Chartered Aviation Finance (two -800s).
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