Istanbul Airlines is the second private airline company founded by Lütfü Renda under the Türksan Holding in late 1985 after Bursa Airlines. Grew rapidly in the early 1990s, 3 thousand 375 seats and 19 aircraft with a capacity of Turkey's largest private airline company, had come to the state.
In 1997, after Lütfü Renda left the company, it began to shrink, with a turnover of 450 million marks and 150 million brands in 2000 due to the crisis. The number of airplanes that were seized by leasing companies and their passengers were distraught at the airports was reduced to three and the flights started to fail. In 2000, the company, which could no longer sustain its activities, also dismissed a large part of its personnel. On 30 August 2000 he had completely stopped the flight and dismissed all personnel. Istanbul Airlines General Manager Safi Ergin, in his written statement: " Serving more than 2.5 million passengers a year for over 15 years, Istanbul Airlines, with more than 2 thousand employees, has been bankrupt for the last 18 months due to earthquakes, an increase in oil prices and an increase in dollars."he said. Istanbul Airlines officials reported that the decision on the suspension of domestic and international flights was forwarded to the General Directorate of Civil Aviation.The company is one of the companies most affected by the currency risk of the period, despite the fact that the expenses are in dollars, the revenue is on the mark and the loss of the mark against the dollar leads to the closure of the Istanbul Airlines. he could not save his condition.
Safi Ergin did not go bankrupt in a later interview, but continued the same operation, but everyone thinks that Istanbul Airways sank, whereas Istanbul Airlines is a living company, so there is no such thing. There are many reasons for stopping the flight operations. uçuş said. The company had attempts to restart flights but the company could not start flights again. The company, which solved the debts to its personnel to a large extent, had agreed with the banks in the payment plan. SSK paid 8 trillion 361 billion liras of tax debt to the Finance as the biggest debt item after paying its debts alık ardından In 2003, 4 trillion 663 billion TL was paid off by taking advantage of the Tax Peace. (Most of the company reported that they closed their mortgage debts through a large number of real estate sales.)