World's finest airlines gone bust in the past

DELHI: Some of the finest airlines of the world have gone bust in the past. Here’s a look at some carriers that crash landed and never flew again.

PAN AMERICAN WORLD AIRWAYS | US

Founded 1927

Closed 1991

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In the mid-60 s, America’s largest international airlines invested in a large fleet of Boeing 747s. The 1973 oil crisis fuelled the operational cost while the passenger traffic declined. To acquire domestic routes the company bought National Airlines but this strategy didn’t help in revising its fortune.

In 1988, a terrorist bombing of a Pan Am flight resulted in 270 fatalities and people started avoiding its flights. The subsequent Gulf War further fuelled the oil prices and the company was forced to file for bankruptcy in 1991

SABENA | Belgium

Founded 1923

Closed 2001

Fleet size 87

The airline could not stand the impact of 9/11 attacks on transatlantic airlines business. It filed for bankruptcy in October 2001 and was liquidated in November that year. There were many reasons for the shut down. It is alleged that Swissair exploitation drove the company to bankruptcy.

In 1995, Swissair had purchased 49% stake in the company and pledged to invest millions in SABENA but the company’s own financial troubles forbade it from funnelling money in the dying airlines and Belgium’s flag carrier ceased to exist

BALKAN AIRLINES | Bulgaria

Founded 1947

Closed 2002

Fleet size 150


In the 1970s, the governmentowned airline was a significant player in Europe. The company, however, could not survive the collapse of the Eastern Bloc. In 1999, the Balkan was acquired by Dutch branch of Israel’s Zeevi Group and Israel’s Arkia airlines. The Israel connection insured that Balkan lost its lucrative Arab routes and the airlines finally became defunct

TWA | United States

Founded 1925

Closed 2001

Fleet size 190

Like the Pan Americas airlines, TWA was another major American carrier which had to file for bankruptcy and was subsequently merged with American Airlines. The airline, which was a major player before 1970s, neglected the deregulation of the domestic market.

It was too late when it finally realised the ‘open sky’ policy had enabled the domestic market to grow at exponential rate. It went in and out of bankruptcy in 1992 and 1995 but finally had to be merged with American Airlines which bought its assets as well as liabilities

ALITALIA-LINEE AEREE ITALIANE | Italy

Founded 1946

Closed 2009

Fleet size 172


The Italian national carrier’s unstable financial situation resulted in bankruptcy and finally a buy out. The Italian government tried its best to bailout the company by investing nearly 5 billion euros since 1998. Being a member of the European Union, the government was restricted from further investment in the sinking airlines.

Several attempts were made to facilitate mergers and even acquisitions but nothing worked and the airlines went bankrupt. After its liquidation some of its assets and the liabilities were bought by Compagnia Aerea Italiana.