Estonian authorities officially revoked SmartLynx's air operator certificate on Dec 18. The airline had already stopped commercial flights in November and entered bankruptcy proceedings with over €522k in debt. The parent company, Aviation Solutions Group, is restructuring and sold off AOCs for Latvia, Estonia, and Malta to a Dutch hedge fund. This adds to a rough streak for the industry recently, following bankruptcies from Spirit, Play Airlines, and Braathens earlier in 2025.