AtlasGlobal (KK, Istanbul New) has announced that it will suspend all operations until December 21, effective immediately from the date of the announcement, November 26.
In a letter to business partners, which was published by the Turkish travel news website TurizmGuncel.com, the airline elaborated that it had to suspend operations to curb losses and restructure. The airline further said that its current predicament dated back to 2015-2016 when a string of terrorist attacks and a failed coup d'etat in Turkey caused a slump in travel demand to the country.
"In addition, the rapid and aggressive fluctuations in the Turkish lira in the second half of 2018 negatively affected the dynamics of the domestic market, which led to a decrease in the demand for air travel. In spite of the adversities, in the second half of 2018 [...] a recovery process was initiated and our operations became profitable again," the airline said.
It added, however, that the recovery came too late to curb the losses it had suffered during the crisis. AtlasGlobal also singled out increased...
