FlyLAL ceases operations

FlyLAL Lithuanian Airlines ceased operations recently after its acquisition by SCH Swiss Capital Holdings for €1 million plus an agreement to cover debt of an additional €1 million, fell through. FlyLAL said that SCH “did not fulfill its obligations under the agreement” and that it “cannot secure the continuity of its operations and satisfy the […]


FlyLAL Lithuanian Airlines SCH Swiss Capital


FlyLAL Lithuanian Airlines ceased operations recently after its acquisition by SCH Swiss Capital Holdings for €1 million plus an agreement to cover debt of an additional €1 million, fell through. FlyLAL said that SCH “did not fulfill its obligations under the agreement” and that it “cannot secure the continuity of its operations and satisfy the demands of its creditors.” SCH did not transfer the funds in time, flyLAL CEO Vytautas Kaikaris said, adding that shutting down was “the only possible course.”