What happened to Turkish Airlines Atlasglobal and why it went bankrupt?

Atlasglobal, which has blood ties with the Minister of Culture and Tourism Mehmet Nuri Ersoy, has been dealing with the problems it is experiencing. Of nearly 30 airline companies that went bankrupt was one of them.

So what went wrong in the story of Atlasglobal, from its founding to its collapse? For those who do not know the reasons for bankruptcy We open the black box.

Atlasglobal has been serving since 2001.

The company was established by Öger Holding AŞ on March 14, 2001 under the name Atlasjet, and was established on June 1, 2001. He took to the sky for the first time in 2001. Atlasglobal added new aircraft to its fleet in a short time and started restructuring in 2004.

With this innovation domestic and international lines Atlasglobal, which is licensed to transport passengers and freight with both scheduled and non-scheduled flights, started flying scheduled domestic flights in July of the same year.

IATA memberAtlasglobal, registered with IOSA, had grown gradually towards becoming a scheduled airline company and increased the number of flights to 80 percent.

Shares were transferred, name changed.

In 2006, Öger Group’s 45 percent shares in Atlasglobal were acquired by Etsgroup and he became the chairman of the board of directors. Murat Ersoy, twin brother of Turkish Minister of Culture and Tourism Mehmet Nuri Ersoy was brought.

Additionally, Etsgroup acquired the remaining shares of the airline in 2006. In 2015, with the corporate identity renewal Atlasjet became Atlasglobal.

Problems both within themselves and in tourism led to the end of Atlasglobal.

In addition to the pandemic, the terrorist threat in the tourism sector at that time and travel warnings to Turkey also put the company in trouble. What happened with Russia plane crash crisis In fact, it affected other airline companies as well as Atlasglobal.

in tourism need for fundsbrought allegations that Atlasglobal was negotiating with foreign funds due to the limited increase in flight tickets against increasing costs and the increasing number of airline companies.

Two events that took place in 2007 put Atlasglobal in even more trouble.

The first of these was the one that went to Istanbul from the Turkish Republic of Northern Cyprus on 18 August. The plane was hijacked by 2 people. On November 30, 2007, the plane that wanted to land from Atatürk Airport to Isparta Süleyman Demirel Airport crashing into the mountain happened. 57 people, including the crew, died in the accident.

In 2019, the footsteps of bankruptcy began to come.

When the dates showed November 26, 2019, Atlasglobal announced in a statement that it would be valid until December 21, 2019. temporarily suspended its operations told. While passengers were given a contact number for the purchased tickets, a message was sent to their employees and they were informed that they would be on leave until December 16.

Atlasglobal also announced this outage to its business partners. The reasons are the negativities of the pandemic and the problems that come with it. It was an economic burden. It was said that the huge increase in logistics and operational costs did not compensate for the losses of 2016/2017 in sufficient time. This break was given for the necessary restructuring and improvement in the company’s cash flow.

There were two allegations made with the incident. One of them was that Atlasglobal needed 50-60 million dollars to get through the painful process. The other is that the company, some of its employees was that he did not pay their salaries.

Atlasglobal faced bankruptcy soon after.

The company started flights on the date it said, but on February 14, 2020, a statement came from the General Directorate of Civil Aviation and announced that Atlasglobal would stop its flights and he wants bankruptcy specified.

At the hearing held on June 17, 2021, Atlasglobal’s bankruptcy was decided, but it was later moved to the court of appeal by the interveners. The bankruptcy decision was overturned, but the commercial court that made this decision ruled the company bankrupt again on January 19, 2023. Two bankruptcies at once Thus, Atlasglobal’s adventure above the clouds ended.

Our other content about companies that went bankrupt or said goodbye to the industry: