iAero Airways has filed for Chapter 11 bankruptcy protection in Florida.
Per the latest fleet data from Cirium, iAero Airways has a fleet of 44 aircraft, with 39 in service. 45% of its fleet average over 30 years, with only one plane under 18. Its most significant fleet type is the 737-400 with 15 units in-service, followed by nine 737-800SFs.
iAero Airways, more commonly known as Swift Air, was established in 1997. However, in 2019, Swift Air became no more regarding its visible naming, as iAero purchased the company and rebranded it to, as it is known today, iAero Airways.
Filing for bankruptcy protection is part of what iAero describes as an essential process in this transformation program to emerge in the best possible manner.
Filing for bankruptcy protection is a means many struggling carriers will enter to transform the business and emerge to become more successful. However, it doesn’t always act as a means to better the company, as critical decisions still need to be made correctly to ensure long-term survival.
iAero further notes that while productive new business opportunities have been secured, there have been unprecedented pressures on the airline industry, meaning iAero struggles to perform to the level it would ideally wish.
The company doesn’t view entering bankruptcy protection as necessarily a bad thing. Instead, it is a chance for the company to work towards a better future and address specific legacy contracts and liabilities.