AtlasGlobal set to declare bankruptcy

Turkish airline AtlasGlobal will declare bankruptcy over cash flow issues caused by last year’s move to the new Istanbul Airport, Airport Haber said on Wednesday.

“Atlasglobal has stopped all flight operations and is preparing to file for bankruptcy. It was learned that a meeting was held with personnel at Atlasglobal and that they were notified to not come to work from tomorrow,” Airport Haber said.

Turkish budget carrier on Nov. 27 suspended all flights partly due to rising expenses at the airport is prompting other companies to demand cost cuts.
Airlines were being hurt financially because of the expense of transporting cargo to and from the airport, which is being carried exclusively in passenger planes, according to the head of the Association of International Forwarding and Logistics Service Providers (UTIKAD).

Istanbul Airport opened to much public fanfare just over a year ago.