The list of pandemic airline bankruptcies keeps growing even as travel bounces back faster than anticipated. But hundreds-of-millions-of-dollars in government aid didn’t save SAS, which became the latest victim Tuesday.
One of Europe’s largest airlines, SAS, filed for bankruptcy Tuesday, becoming the latest financial casualty in global aviation.
During the first few months following the onset of the Covid-19 pandemic in early 2020, the industry experienced a rash of bankruptcies. In some cases, these bankruptcies resulted in restructurings and, in others, they led to complete shutdowns.
The list would have been a lot longer were it not for huge amounts of government aid. How huge? Trade group the International Air Transport Association (IATA) last fall estimated the figure at $243 billion, consisting of everything from wage subsidies to credit support to tax breaks. Some governments were more generous than others and in places where the generosity was lacking, like Latin America, airline bankruptcies were rife.
The pace of bankruptcies have slowed this year. But they haven’t stopped, just look at Comair in South Africa. The SAS filing comes in the middle of the carrier’s peak summer season, which is unusual. But with pilots on strike, there was not much of an alternative.
|Flybe (UK)||Files for Bankruptcy||Mar-20|
|Trans States (U.S.)||Ceased Operations||Apr-20|
|Compass (U.S.)||Ceased Operations||Apr-20|
|CityJet (Ireland)||Files for Bankruptcy||Apr-20|
|Virgin Austraila||Files for Bankruptcy||Apr-20|
|Air Mauritius||Files for Bankruptcy||Apr-20|
|Avianca (Colombia)||Files for Bankruptcy||May-20|
|Aeromexico||Files for Bankruptcy||Jun-20|
|Thai Airways||Files for Bankruptcy||Sep-20|
|LATAM (Chile)||Files for Bankruptcy||May-20|
|SunExpress Deustchland||Announces Ceasing Operations||Jun-20|
|One Airlines (Chile)||Ceased Operations||Jun-20|
|NokScoot (Thaiand)||Ceases Operations||Jun-20|
|LIAT (Antigua)||Ceases Most Operations||Jun-20|
|Jet Time (Denmark)||Files for Bankruptcy||Jul-20|
|Virgin Atlantic (UK)||Files for Bankruptcy||Aug-20|
|AirAsia Japan||Ceases Operations||Oct-20|
|Cathay Dragon (Hong Kong)||Ceases Operations||Oct-20|
|Ravn Air (U.S.)||Files for Bankruptcy||Oct-20|
|Norwegian Air||Files for Bankruptcy||Nov-20|
|Czech Airlines||Files for Bankruptcy||Mar-21|
|InterJet (Mexico)||Files for Bankruptcy||Apr-21|
|Philippine Airlines||Files for Bankruptcy||Sep-21|
|Blue Panorama (Italy)||Ceased Operations||Oct-21|
|Comair/Kulula (South Africa)||Ceased Operations||Jun-22|
|SAS||Files for Bankruptcy||Jul-22|
November 16, 2022Dallas-Fort Worth, TX and Online Learn More Now