Argentine low-cost carrier Flybondi has entered preventive insolvency proceedings with debts of ARS609.6bn (about $396mn), according to court filings reported by Ámbito.
The filing shows how quickly capacity can disappear at a low-cost carrier. Flybondi’s operational fleet fell from an average of 11.33 aircraft in July 2025 to 2.67 in July 2026, and completed flights dropped 95.3% between January and July. Flights have been suspended for about two months.
The company reports assets of ARS176.1bn and negative net worth of ARS433.5bn, with liabilities about 3.5 times assets. Unpaid salaries stand at ARS21.5bn and unpaid social security contributions at ARS32.8bn. Its auditor warned of significant uncertainty over its ability to continue as a going concern.
The airline operated 2,836 flights in January 2026, 1,013 in April and 134 in July, when it cancelled 588 of 722 scheduled services. In 2025 it carried 3,656,887 passengers, down 9.1% from 4,020,942, while Argentina’s aviation market grew 13.2%. Net ticket revenue fell about 14.5%.
Flybondi says it has been unable to meet its obligations regularly since March, as fewer available aircraft cut flights and revenue while maintenance costs stayed high. Creditors include Swissport Argentina, which claims ARS112.2mn, and fuel supplier YPF, which says it is owed $880,705 and could demand advance payment. Technology provider Escala 24×7 has suspended access to services hosted on Amazon Web Services over a debt of $164,424.
The airline says it still has 826 employees, booking systems, permits and regulatory authorisations that could support a return to flying, and wants to avoid “the destruction of the company and the jobs it generates”. It operates in a region where Emerging Travel has tracked tourism growth in Central and South America.
COC Global Enterprise became Flybondi’s majority investor in June 2025, and in December 2025 the airline announced plans to acquire 35 Boeing and Airbus aircraft in a project estimated at $1.7bn.