Zenith Airlines cancels all flights due to cashflow issues
The latest airline to enter administration is charter carrier Zenith Airlines, based in London Biggin Hill Airport.
The company is in an insolvent position due to cashflow issues, unpaid debtors, and historic ownership and management issues.
This development follows a string of smaller and mid-size airlines filing for bankruptcy protection amid the ongoing oil crisis caused by the U.S. strike on Iran.
Other airlines, such as Spirit Airlines and Joy Air, have also filed for bankruptcy protection in recent months.