British regional carriers Eastern Airways and Blue Channels, Swedish carriers Braathens Aviation and H-Bird, and Icelandic low-cost carrier Play Airlines have all filed for bankruptcy over the past year. In the U.S., Spirit Airlines is in a second bankruptcy and Texas-based charter airline Starflite Aviation recently had its air operator’s certificate (AOC) revoked by regulators after an FAA audit found evidence that the owners falsified its training records of its pilots. Estonian budget airline Nordic Aviation Group and Xfly were declared bankrupt in 2025 after racking up over €85 million in debts. The last commercial flight ran in September 2024 when many travelers with booked trips received emails telling them that the airline was shutting down abruptly.