Industry

flyEgypt declares bankruptcy

Air Malta, Armenia’s FlyArna, and the LIAT airline serving Antigua and Barbuda are some of the global airlines that have filed for bankruptcy since the start of January, while Canada’s Lynx Air and Canada JetLines were among the North American ones.

At the start of October, Spirit Airlines (SAVE) stock fell dramatically amid a report that its leadership was exploring bankruptcy as a potential option but jumped back up again when a refinancing deal was reached.

While aviation has always been a risky business due to the high-cost entry point, 2024 has seen a particularly large number of airlines go under. The latest airline to toe the line of bankruptcy is the Egyptian low-cost and charter airline flyEgypt. On Oct. 21, the airline announced that it was filing for bankruptcy and canceled all flights out of Cairo International Airport (CAI) and Sharm El Sheikh International Airport. (www.thestreet.com)

Source:Daily News