Danish airline Jet Time, which has been offering charter and ACMI services since 2006, has filed for bankruptcy at the Copenhagen Court. In an emotional press release the company claims to have been a victim of a lockdown and a lack of government aid.

“From one day to another we have lost our entire earnings without certainty about when we will be able to fly again. It is a very strange situation to be in charge of a company which de facto has been banned from doing business,” CEO Jørgen Holme said.

The airline kept their 11 aircraft grounded since March 23, 2020 and laid off 95% of its 400 employees. It has received DKK 80 million (over $12 million) in government subsidies, but according to the release, that was not enough.

Nevertheless, Jet Time’s owner Lars Tuesen has already registered and received a certificate for his new company, Jettime, and expects it to start charter flights in the summer of 2021, as soon as the industry recovers. 

The first Jettime’s press release came right after the last one from Jet Time, and the new company is expected to employ a number of the old firm’s key employees, as well as 5 of its Boeing 737s, their maintenance platforms and flight permits.