Another airline prepares to shut down and cancel all flights

A growing number of airlines are facing financial pressure amid rising operational costs since the start of U.S. and Israel attack on Iran, with another carrier now moving closer to a potential shutdown.

Several commercial and non-commercial aviation companies have struggled to remain financially viable.

In the latest development, Finland-based charter airline Jetflite has entered consultations that could lead to the closure of most of its operations and the dismissal of 53 employees.

According to aviation industry reports, the Helsinki-based carrier, founded in 1980, is considering shutting down a significant portion of its business due to prolonged financial losses. The airline operates charter services, air ambulance flights, and cargo transportation as part of the wider Wihuri Aviation Group.

Jetflite’s fleet includes an 18-seat Challenger 604, a 12-seat Challenger 650, and a Falcon 7X business jet. The company retired its sole Gulfstream G150 aircraft in 2025 because of high operating costs.

In a statement, Jetflite said the consultations concern the planned discontinuation of several business operations and the possible termination of related staff.

“The negotiations concern the planned discontinuation of the above-mentioned businesses and the potential termination of employment of the associated personnel,” the airline said. “The decisions under consideration are driven by the prolonged unprofitable performance of these businesses.”

The company has not disclosed further details about its financial situation or the timeline for any potential shutdown.

Jetflite’s difficulties come amid broader challenges facing the aviation industry.

Earlier this month, Netherlands-based aircraft developer Maeve Aerospace was declared insolvent after failing to secure a €20 million funding round.

Similarly, UK cargo carrier European Cargo entered insolvency proceedings after struggling to sustain operations.

Several airlines have also filed for bankruptcy or entered restructuring processes in 2026, including Spirit Airlines, Magnicharters, Starflite Aviation, AlpAvia and H-Bird, highlighting the ongoing financial challenges facing the global aviation sector.