Sterling Airlines files for bankruptcy, a victim of the Icelandic financial system collapse

Premium Analysis

Sterling Airlines filed for bankruptcy on 29-Oct-08, with the carrier unable to raise financial support for a restructuring programme, due to the collapse of the Icelandic financial system. The carrier stated the global financial recession, together with significant fuel cost increases and a planned heavy expansion, resulted in significant accumulated losses in 2008, necessitating the bankruptcy decision.

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