Astraeus Airlines plummets into administration

Astraeus Airlines, the Gatwick-based airline that counts Iron Maiden singer Bruce Dickinson among its pilots, has entered administration.

The company, which started operations in 2002 and is owned by Icelandic travel group Eignarhaldsfelagid Fengur HF, made an application to the High Court yesterday to place itself into administration after experiencing some insurmountable financial pressures as well as some tough financial difficulties.

The chief executive of Astraeus, Hugh Parry, said that they were making every effort to help people currently travelling with the firm to complete their journeys.

"We battled hard to save Astraeus, but lower-than-expected levels of business during the summer of 2011, a lack of contracts for winter 2011-2012 and some extremely bad luck with a number of technical issues mean that we have no option but to cease all operations and put Astraeus Airlines in the hands of the administrators," he said.

The company has ten aircraft that it initially operated as a stand-alone business, but then started to lease to other airlines in 2008 - including BMI and Iceland Express - when extra capacity was called for.

The 53-year-old Iron Maiden singer had been flying for the firm since its inception and flew the airline's last flight from Jeddah, Saudi Arabia, to Manchester.

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