Already in November things were not looking good. A first attempt by the small Norwegian airline Flyr to get fresh money had failed. She had previously said that the 430 million Norwegian kroner (around 41 million euros) were needed to survive. Flyr wanted to try again by offering another private placement on the stock exchange. But that also failed.
According to the airline’s website, it informed the Oslo Stock Exchange on Monday morning (January 30) that the new financing plan was unsuccessful. “The company is therefore in a serious financial position and the board will evaluate whether there are alternatives for continuing operations”∞ ª€ø¿t it further.
All flights would still take place on Monday, the airline continued. No flights are planned for Tuesday (January 31). We will let you know as soon as possible how things will continue afterwards. The airline apologizes to travelers for the uncertainty caused by the situation.
Flyer is still young. The airline has only been flying at all since June 2021. In the third quarter of 2022, it reported an operating loss of 231.7 million kronor on sales of 610.4 million kronor.
The airline is suffering greatly from the consequences of the Russian war of aggression in Ukraine. Because it is too small to do hedging when buying kerosene – i.e. to buy options on fuel – it has to fill up at current prices. And that’s very expensive right now. Fuel accounts for up to a third of the costs for many airlines.
Should Flyr not make it, it would already be the second airline bankruptcy of the still young year. The British Flybe had already given up at the weekend. After only 290 days, the new attempt to take off again failed.
This article was written by Laura Frommberg
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The original of this article “Only two years after its foundation, the airline is already broke” comes from aeroTelegraph.
