Ultra Air ceases operations; JetSMART pulls out

On 29 March 2023, Ultra Air announced it has ceased all operations due to a lack of funding. Although the airline secured additional funding earlier in the week, the financial struggles triggered suppliers to the airline like lessors and fuel companies to ask for payment up front. Unfortunately, Ultra Air wasn't able to do this.

Earlier, the airline suspended the sales of tickets until at least the end of April as lessors were in the process of repossessing five of the airline's six Airbus A320s. Due to the lack of aircraft the airline was forced to drastically reduce its operations, meaning even less cashflow.

As a result of the issues, Chilean low-cost carrier JetSMART pulled out of its intention to acquire Ultra Air. This deal was just announced  earlier in March and JetSMART was in the process of doing due diligence to assess the financial position of Ultra Air.

Ultra Air is the second carrier in Colombia to go into bankruptcy in a short time as earlier, on 27 February 2023, Viva Air ceased all operations.

Photo by Ultra Air.