MARUPE — Latvian ACMI specialist and charter provider SmartLynx Airlines (6Y) has formally entered legal protection proceedings as the carrier moves ahead with a complete corporate restructuring aimed at stabilizing operations and securing long-term growth.

Last March, the global provider of ACMI (Aircraft, Crew, Maintenance, Insurance) cargo and charter services, announced it would restructure its fleet and transition to single-type operations. 

The Riga, Latvia-headquartered airline's goal is to operate a unified fleet exclusively of Airbus A320 and A321 jets while also scaling down its A321F freighter operations.

According to filings in the Insolvency Register, the Riga District Court opened legal protection proceedings on October 28, 2025. Armands Rasa has been appointed to supervise the process. The filing coincides with the disclosure of a €522,126 tax debt owed to Latvia’s State Revenue Service (SRS) as of the same date.

Restructuring Under New Ownership

The move follows a recent ownership change in which SmartLynx Airlines Latvia was acquired by its existing management team and a Netherlands-based investment fund. The transaction, first reported earlier this month, set the stage for the development of a formal recovery plan to preserve continuity for customers and partners across the ACMI (Aircraft, Crew, Maintenance, Insurance) leasing sector.

“A corporate recovery plan is necessary so that we can implement changes within the company while ensuring business continuity and fulfilling our obligations to our customers,” said Edvins Demeņus, CEO of SmartLynx Airlines Latvia.

Demeņus noted that 2024–2025 has been a turbulent period for ACMI carriers, citing rising operating costs, aircraft delivery delays, and slower-than-expected market growth. The company says legal protection will allow it to renegotiate terms with creditors and partners as it restructures operations.

Operational Performance: Passenger Growth vs. Cargo Decline

Despite financial pressures, SmartLynx reported strong growth in its core passenger ACMI business last year. Key operational figures include:

The fleet expansion reflects SmartLynx’s continued reliance on wet-lease operations for airlines across Europe, the Middle East, and Asia—though the softening cargo market and cost inflation have strained liquidity.

Industry Context

SmartLynx is one of Europe’s largest ACMI providers, operating A320-family and A330-200/300 aircraft for carriers including Air Transat, easyJet, and Turkish Airlines during peak seasons. The ACMI model—once a pandemic-era lifeline for many airlines—has come under pressure as demand normalizes, margins tighten, and supply chain issues delay fleet turnover.

The company maintains that the restructuring process is not a shutdown, but a stabilization phase.