6) Post-Exit Operational Continuity
After the shutdown of the Latvian entity:
Flights, fleet utilisation, and ACMI contracts continue under other AOCs
primarily Malta and Estonia
plus newly launched Thailand, Australia, Malaysia, Indonesia
Industry outlets report that Thai and Australian SmartLynx units are expected to rebrand following the European closure — meaning continuity of operations under a different brand, not discontinuation.
ASG’s financial performance and expansion strategy proceed independently of the Latvian insolvency process.
7) Workforce and Outstanding Obligations
Former transport minister and aviation expert Tālis Linkaits publicly states:
Many SmartLynx pilots and cabin crew have not received their October salaries, with November still unpaid,
and aviation unions have not issued public statements so far.
Some crews were reported stranded abroad during the operational halt.
Salary and creditor outcomes now depend on the legal protection / insolvency process.
8) Structural Outcome (Analytical Summary)
Operational and revenue-generating assets
(fleet, AOCs, global ACMI contracts, MRO backbone)
remain outside Latvia
The Latvian legal entity is left with:
historical liabilities
no aircraft
no operating certificate
no business continuity
The transaction involved:
a newly established Dutch distressed-assets foundation
undisclosed ultimate ownership
no public regulatory objections to date
There is no evidence proving a continued link between the fund and ASG,
but the timing and structure are widely noted in the industry.
9) Current Status and Pending Developments
Between 2023 and 2025, ASG restructured its global ACMI model by shifting growth to jurisdictions with flexible AOCs and counter-seasonal demand, while consolidating heavy MRO capacity outside Latvia.
In October 2025, the Latvian entity of SmartLynx was sold to a newly established Dutch distressed-assets foundation and entered legal protection with reported liabilities of approximately €238 million.
On 24 November 2025, the company ceased economic activity in Latvia, while fleet, contracts and operating AOCs continued under other ASG-controlled structures abroad.
Outcomes for Latvian creditors and employees will depend on the ongoing legal process.
No regulatory conclusions have been issued so far.