The Nordic Aviation Group has filed for bankruptcy.
This Estonian state-owned airline, operating under the Nordica brand, was established following the liquidation of the bankrupt Estonian Air. The challenging competitive environment and reduction of unprofitable routes led to the transfer of some routes to LOT Polish Airlines. Similarly, its subsidiary Regional Jet, which had been operating under the Xfly brand commissioned by Scandinavian Airlines, also filed for bankruptcy.
Efforts to restructure began in August 2023, with plans for privatization led by the Estonian government. However, investor Lars Thuesen withdrew from the plan citing it as too risky, leading to the decision to file for bankruptcy.
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