Another airline declares bankruptcy as Zenith Aviation…- TheConclaveNg

British charter company Zenith Aviation has entered administration and canceled all flights, becoming the latest airline to close due to rising fuel costs and liquidity problems.

The company, based at London’s Biggin Hill Airport, operated short charter flights across the UK and neighboring Europe with one Learjet 45 and two Learjet 75s. Administrator Paul Hargreaves of Nexus Corporate Solutions said Zenith was “in an insolvent position due to cash flow problems, unpaid debtors and historic ownership and management problems”.

All scheduled flights were stopped at the beginning of May. The UK Civil Aviation Authority suspended Zenith’s air operator certificate and all 41 members of staff were made redundant. Hargreaves said the company was now evaluating the business, helping staff apply for redundancy and examining options for a rescue or takeover.

Zenith was acquired by OPUL Jets in 2025, but was abandoned in December and subsequently operated under AOCs leased from other airlines. Its latest public financial data showed debt of £1.9m on revenue of £14.2m as of March 2025, with current debt estimated at between £3m and £5m.

Announcement

The collapse follows a wave of airline bankruptcies following a three-month oil price surge triggered by the US attack on Iran. Spirit Airlines closed permanently on May 2 after two bankruptcies. Mexico’s Magnicharters and China’s Joy Air also filed for bankruptcy protection and canceled flights.

Hargreaves said Zenith’s future depends on the feasibility of restructuring or selling. For now, passengers with reservations will not fly and the airline’s fleet is grounded. [Culled from street.com]