Airlines took a massive hit during the pandemic. In 2020 alone, economic losses were around $168 billion. Things have taken a turn in the right direction since the pandemic. In 2023, the airline industry brought in $814.5 billion, a slight decline of 3% compared to 2019.

Although things seem to be stabilizing back up for travel, several airlines have ceased operations in 2024.

The latest took place on October 21st, with FlyEgypt canceling all flights, and declaring bankruptcy.

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Founded In 2014, FlyEgypt Has Filed For Bankruptcy And Canceled All Flights

Fly Egypt Airplane
via Shutterstock

Fly Egypt Airplane standing to parking position at the international airport of Kairo

FlyEgypt commenced operations on February 12, 2015. Sadly, on October 21st, the low-cost Egyptian charter airline ceased operations. All flights out of Cairo International Airport (CAI) and Sharm El Sheikh International Airport (SSH) were grounded and canceled following the bankruptcy announcement.

With its headquarters located in Cairo, the airline company has made subtle cuts in recent years. Among them, was going from nine operating aircrafts, to just one Boeing 737-800 plane.

Ch-Aviation noted the ECAA refused a request by the airline to surrender its operating license in an attempt to remove its current financial obligations from both international and local creditors.

Ivan Nadalet of Ch-Aviation revealed, “The ECAA said FlyEgypt has debts to among others tour operators in Germany and Italy. Locally, it owes Egypt’s National Air Navigation Services Company, various Egyptian airports, and its employee social security back payments.”

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FlyEgypt had a more extensive travel schedule during its earlier days, which included flights to Africa, Europe, the Middle East, and Central Asia, according to Simple Flying.

Its first flight was between Cairo and Jeddah.

FlyEgypt Is Far From The Only Airline To File For Bankruptcy This Year

Cairo Airport
via Shutterstock 

Cairo Airport sign.

For those keeping score, airlines seem to be dropping at a worrisome pace, specifically in 2024. FlyEgypt is far from the only airline to cease operations. Air Malta, and Armenia’s FlyArna filed for bankruptcy, while LIAT airline has also closed operations since the start of 2024.

Canada’s Lynx Air and Canada JetLines were among the North American airline companies to also end operations, according to The Street.

There is some positive news. Spirit Airlines hasn’t filed for bankruptcy. Its stock fell dramatically, but things seem to be stabilizing again and with a massive improvement. The stock is soaring with a 25% increase at the moment, due to layoffs and jet sales.

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