Irish wet-leaser Fly4 Airlines has entered liquidation after being on course to fail to make a profit for the third consecutive year. The airline regularly provided short-term wet-leases to airlines such as German carrier SundAir GmbH, and its minority owner the TUI Group. Fly4’s fleet of four Boeing 737-800s are expected to be sold following the completion of liquidation proceedings.
How did Fly4 Operate?
Fly4 operated entirely as a wet-leaser, offering its Aircraft, Crew, Maintenance, and Insurance (ACMI) to other airlines.
This included providing ACMI services to its majority owners, the Polish airline Enter Air, as well as to minority owners, the German travel company TUI Group.
Enter and TUI jointly founded Fly4 in August 2023, with the Irish carrier making its commercial debut in March 2024.
During its two and a half years of operations, Fly4 developed a presence at British airports such as East Midlands Airport (EMA) and Norwich Airport (NWI).
The airline also offered ACMI services to international partners such as SundAir, and the Indian airline SpiceJet.
The Downfall of Fly4
Ireland’s High Court heard during Fly4’s liquidation hearing that the airline failed had yet to record an annual profit since its foundation in 2023.
16 million euro worth of losses in 2024 were followed by a further 4 million euro of losses in 2025.
Fly4’s Chief Financial Officer and Director, Douglas Fay, told the court that he had expected the airline to make a profit of 3 million euro in 2026.
It had instead however made a loss of 1.1 million euro in the first nine months of the year.
He said that profit,
“fell materially short of expectations due to the impact of the U.S.-Iran war and the increased fuel costs associated with it.”
Fay also stated that Fly4 currently had 2.7 million euro worth of operational liquidity, but also estimated the airline’s monthly costs be between 2.5 million euro and 3 million euro.
Fly4’s operational programme ended in October, with all of its aircraft grounded Nov. 6.
What Happens Next?
The court appointed Mark Degnan and Brendan O’Reilly, from the business consultancy firm Interpath, as Fly4’s joint provisional liquidators.
Degnan and O’Reilly will therefore be responsible for repairing any damage to Fly4’s fleet of four 737-800s, before selling them to other airlines.
Two of there 737-800s are believed to currently be stationed at Atatürk Airport (ISL) in Istanbul, with the remaining jets stationed at Brussels Airport (BRU) and Nuremberg Airport (NUE).
The liquidators will also be responsible for providing suitable compensation packages to Fly4’s 20 permanent staff, based in both the UK and Ireland, as well as the 80 agency staff currently employed by the airline on short-term contracts.
Did you ever fly with Fly4? Could it have succeeded with the U.S.-Iran conflict? Let us know what you think in the comments.
