Estonian SmartLynx Airlines OÜ Quietly Put into Bankruptcy
A new bankruptcy has emerged involving an airline previously belonging to Avia Solutions Group. Following the collapse of SmartLynx Airlines Latvia, bankruptcy proceedings have now been initiated for SmartLynx Airlines Estonia OÜ. A copy of the decision by the Tallinn district court Harju Maakohus to open bankruptcy proceedings was obtained by the administration of BLACKLIST.AERO from a source within the legal community.
Bankruptcy Filing Submitted Without Public Disclosure
According to available information, the “new” beneficiaries of SmartLynx Airlines Estonia OÜ filed for bankruptcy as early as 20 January 2026, apparently without public disclosure.
On 10 February 2026, the Tallinn court issued a ruling formally opening bankruptcy proceedings.
Under the court’s order, the debtor and creditors must submit all required documents by 17 March 2026.
Estonian Company Was a Creditor of SmartLynx Latvia
It should be recalled that SmartLynx Airlines Estonia OÜ was listed among the creditors of its sister company SmartLynx Airlines Latvia. According to materials from the Latvian bankruptcy proceedings, the Latvian airline owed the Estonian company €12,515,456.77
Another major creditor of SmartLynx Latvia is another sister company — SmartLynx Airlines Malta, to which the Latvian airline owes €38,830,777.26
Claims Were Not Filed After the Sale of the Companies
Earlier, Avia Solutions Group announced that it had sold all three airlines — SmartLynx Latvia, SmartLynx Estonia and SmartLynx Malta — to the Dutch foundation Stichting Break Point Distressed Assets Management.
However, neither SmartLynx Estonia nor SmartLynx Malta subsequently filed claims in the bankruptcy proceedings of SmartLynx Latvia, which are being administered by insolvency practitioner Marija Misina.
Possible Bankruptcy of SmartLynx Malta
The administration of BLACKLIST.AERO is currently attempting to obtain documentary confirmation that SmartLynx Airlines Malta has also initiated bankruptcy proceedings. If confirmed, this would mean that all three former SmartLynx airlines could end up in bankruptcy proceedings almost simultaneously. BLACKLIST.AERO will continue to monitor developments in this case.
Artem Degtiarov, Chief editor at BLACKLIST.AERO
BLACKLIST.AERO would like to inform industry participants about outstanding operational debts associated with aircraft T7-PSJ (Gulfstream IV-SP, MSN 1251).
Companies listed as creditors of SIA SmartLynx Airlines and belonging to the Avia Solutions Group holding structure have declined to pursue court claims against what was once their sister company. This became known after the deadline for submitting creditor claims to the insolvency administrator expired.
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Another subsidiary of Avia Solutions Group—the Slovak ACMI operator AirExplore—will soon cease to exist as an independent company. BLACKLIST.AERO was informed of this by a source within the company.
