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Switzerland's Belair files for insolvency

Belair Airlines (4T, Zurich) has declared insolvency as of Wednesday, August 15, after talks with a prospective investor collapsed.

Under the new ownership of German investment firm SBC, the former airberlin group unit had, earlier this year, planned to secure a new Air Operator's Certificate (AOC) from the Swiss Federal Office of Civil Aviation (FOCA) in time to commence ACMI and charter flights during the current summer season.

To do so, the board had sought to raise the necessary capital via a charter contract booked in April coupled with funds supplied from "one or more investors".

According to a statement issued on Wednesday, August 15, Belair's board of administrators had managed to whittle down its list of prospective investors to one who, convinced of the resurgent carrier's business plan, had planned to make a "significant contribution" to the business. However, said investor has since pulled out of the talks leaving Belair without the means needed to secure its AOC.

"In view of these developments – following the intensive restart preparation measures taken since...

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