Kenai Aviation, an Alaskan regional airline, has announced an immediate cessation of all flight operations due to its declaration of financial insolvency. Owner Joel Caldwell stated that a significant debt load, largely stemming from the COVID-19 pandemic, compelled the decision after the company's bank called its debt.
Despite the airline's reported operational success in connecting communities between Anchorage, Kenai, and remote regions like Unalakleet since its founding in 1948, the financial burden became insurmountable. Caldwell expressed optimism for a potential revival if new investors or partners provide the necessary capital.
Source: https://www.livemint.com/news/us-news/american-airline-kenai-aviation-halts-all-flights-amid-insolvency-pandemic-era-debt-blamed-for-financial-collapse-11762349214630.html