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MYAirline suspends ops due to financial pressures

MYAirline suspends ops due to financial pressures

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MYAirline has suspended its operations effective 12 October 2023 until further notice. According to a statement by the airline, it has come to this decision due to significant financial pressures. These pressures “have made it necessary to suspend operations pending the shareholder restructuring and recapitalisation of the airline", it said. 

In a statement from the board of directors, MYAirline said, "We deeply regret and apologise for having to make this decision as we understand the impact it will have on our loyal passengers, dedicated employees and partners. We have worked tirelessly to explore various partnership and capital raising options to prevent this suspension. Unfortunately, the constraints of time have left us with no alternative but to take this decision".

Don't miss: MYAirline's CEO steps down citing health considerations

The statement concluded by stating that the board and stakeholders are working tirelessly to resume operations as quickly as possible. However, at this stage, it is unable to commit to any timeline. "We reiterate our sincerest apologies for any difficulty and inconvenience arising from this suspension and will do our utmost to provide any updates which become available,” it said.

This comes shortly after MYAirline’s CEO, Rayner Teo stepped down from his role, citing health considerations. Teo had helmed the company since its launch in December 2022. 

The airline’s current chief operating officer Stuart Cross, a seasoned executive with an extensive background in aviation, was to attend to the responsibilities of interim CEO. Cross, MYAirline stated, has been an integral part of the executive team throughout the company’s journey so far which will ensure a seamless and immediate transition. The board of directors of MYAirline also stated that it would appoint a new CEO in due course which will also be subject to regulatory approvals.

Concerns of operational stability were also addressed, with MYAirline stating that operations remain steadfast. It added that as the airline transitions from summer to winter flight schedules, it has proactively consolidated certain routes.

“This decision has been made in full transparency to ensure the best possible experience for our passengers. The situation has been further compounded by the delayed delivery of some aircrafts that were originally scheduled to be operational by now,” the statement explained. In terms of its strategic partners, the company said that it is in the final stages of finalising strategic partnerships that hold significant promise for the growth of the airline moving forward.  

“The airline is confident that the dedicated team and leadership will continue to drive success as we continue to evolve and expand across the region,” the statement concluded.

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