Baltia's proposed purchase of Songbird Airways collapses

Baltia Air Lines, Inc. has announced that its proposed acquisition of Songbird Airways from its owner, AerLine Holdings LLC, has been called off.
In an SEC filing, the start-up carrier, also known as USGlobal Airways, said AerLine had sent a letter on November 22 informing Baltia that it had terminated the agreement as a result of Baltia’s failure to proceed with the closing as scheduled.
Under the original plan, Baltia was to have acquired Songbird Airways, along with its entire share capital, operating licences and certificates, from AerLine for USD6.5 million. The deal was to have closed by October 31.As such, with the purchase's collapse, Baltia has also lost a USD1 million good-faith deposit paid to AerLine on September 1, 2017. A B737-400, N417XA (msn 25417), that was to have been leased to Baltia post-transaction, is now being offered for sale or lease by AerSale.
Baltia is now left with no known shortcut to market and is in peril of having its existing foreign scheduled passenger authority revoked by the US Department of Transportation (DOT) for reason of dormancy.

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