With a very high cost of operation and in many cases, a concentrated market of competitors, many smaller and even mid-size airlines have already filed for bankruptcy in the first two months of 2026.

A few names of these names include Royal Air Philippines, Indian charter carrier Dove Airlines, Swedish carrier H-Bird, and U.S. charter airline Tailwind Air.

In the latter case, the carrier, based out of Westchester County Airport (HPN) in New York, filed for Chapter 11 protection after losing its Air Operator’s Certificate (AOC) due to lack of funds in January 2025.

The AOC, the primary certification that allows a civil airline to begin running and selling flights, is issued by the government agency that regulates aviation in a given country (the FAA in the United States).

Mali Air loses AOC, regional airline founded in 1994

Over in Austria, Mali Air became the latest small carrier to lose its AOC. Contrary to what its name might suggest, Air Mali had no connection to the West African nation of Mali. It was founded by Austrian pilot and aviation investor Karl-Heinz Mali in 1994 with a single twin-engine Cessna 340A jet.

As first reported by Swiss outlet ch-aviation, Mali Air no longer had an active AOC as of Feb. 16.

Based out of the regional Graz Airport (GRZ) in southeastern Austria, Mali Air started out by offering wealthy travelers charter flights from Austria to multiple destinations in Eastern Europe in the 1990s and eventually expanded to more European destinations over the years.

Related: Holiday airline declares bankruptcy, all flights canceled

On its website, Mali Air reports a fleet of four planes: a Cessna 340, a Cessna Citation 501, an Eclipse 500, and an Eclipse 550. The latter is a twin-engine jet with just six passenger seats.

It is not immediately clear whether Mali Air lost an active AOC over its financial situation, a failed safety audit, or another reason, which, in many such cases, relates to operational mismanagement.

Mali Air had a fleet of four planes, including a Cessna Citation 501.

Mali Air services included transportation of “restricted dangerous goods”

Mali Air The company also advertises loosely defined services, such as aircraft management and “complete air logistics services of all cargo and restricted dangerous goods.”

“By actively promoting your aircraft for third-party charter flights, we also help you earn income on your aircraft while reducing your fixed expenses,” Mali Air writes on its website.

Some regional airlines to recently file for bankruptcy:

  • Spirit Airlines (Spirit Aviation Holdings, Inc.): Filed for Chapter 11 bankruptcy for the second time on August 29,2025.
  • Ravn Alaska: Ceased operations in August 2025 after earlier Chapter 11 proceedings; shut down flights and folded into other operations such as New Pacific.
  • Corporate Air: Filed for Chapter 11 bankruptcy (restructuring) in September 2025 as part of a planned sale, according to Bondoro.
  • Play Airlines: The Reykjavik-based airline shut down operations and entered involuntary bankruptcy in September 2025.
  • Braathens Airlines:The airline was forced to file for bankruptcy and canceled all of its flights in September 2025.
  • Airline to launch unusual new flight to Cayman Islands from the U.S.
  • United Airlines CEO gives stark warning on Olympic Games
  • Unexpected country is most luxurious travel destination for 2026
  • US government issues sudden warning on Switzerland travel

Travel news: Mali Air has not issued an official statement regarding reports that it no longer has an active AOC license.

The last posts on its social media platforms date back to December 2025.

Related: Another travel company files for bankruptcy, cancels all trips