It is shaping out to be a not very joyful Thanksgiving for the approximately 50 employees who worked for New Pacific Airlines.
The low-cost carrier based out of Anchorage was founded in 2021 and rebranded multiple times while operating alongside the now-defunct Ravn Alaska carrier under Float Alaska. Ravn ceased all operations with a final flight between the Alaskan cities of Valdez and Anchorage in August 2025 while New Pacific held on just a little bit longer.
On Nov. 26, the carrier that had been running exclusively charter flights since April 2024 announced that it too was shutting down permanently.
“Unfortunately we are unable to continue to fund the losses”: New Pacific Airlines
“It is with a heavy heart that I’m announcing that we will be ceasing operations today,” New Pacific Airlines CEO Thomas Hsieh said in an email sent out to staff and later passed on to media outlets. “Unfortunately, we are unable to continue to fund the losses in our business.”
Initially aiming to connect North America and Asia with budget-style flights between Ted Stevens Anchorage International Airport (ANC), New Pacific Airlines was initially brought to life by Ravn Alaska founders as Corvus Airlines. After the Russian airspace was closed after the country’s invasion of Ukraine in 2022, the airline rebranded as Northern Pacific Airways and eventually New Pacific while running some commercial flights to Alaska from California, Nevada and Tennessee.
Related: Another regional airline shuts down and cancels all flights, some stranded
But ultimately, these routes failed to stand out from competitors and bring in the necessary traffic to recoup the costs of operations. New Pacific ultimately switched to operating as a charter airline in April 2024 with service across Alaska.
The statement goes on to say that any of the airline’s 50 or so employees registered with a W-2 form will receive a paycheck until end of day of Nov. 27. Fellow FLOAT company Ravn Alaska filed for bankruptcy twice in 2020 and 2023 and ultimately shut down last August with over $90 million in debt.
New Pacific Airlines
“We will work expeditiously to get you home”: New Pacific CEO to employees
While specific details of New Pacific’s financial standing have not yet been released, it likely accrued similar debts on everything from licenses and operating fees to maintenance of its fleet of Boeing 757-200s.
More airline bankruptcies in 2025:
- Spirit Airlines (Spirit Aviation Holdings, Inc.): Filed for Chapter 11 bankruptcy for the second time on August 29, 2025.
- Ravn Alaska: Ceased operations in August 2025 after earlier Chapter 11 proceedings; shut down flights and folded into other operations like New Pacific.
- Corporate Air: Filed for Chapter 11 bankruptcy (restructuring) in September 2025 as part of a planned sale.
- Verijet: Filed for Chapter 7 bankruptcy in October 2025, canceled all flights, and ceased operations.
- Kachina Air, Inc.: Filed for Chapter 11 bankruptcy on October 24, 2025.
The timing comes as a bit of a surprise since, just a few weeks ago at the start of November, Maldives-based Beond Airlines announced a new partnership in which it would run flights to the United States through New Pacific. New Pacific confirmed that it is working to bring any employees stranded away from home at the time the shutdown was announced as quickly as possible.
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“For those of you on the road, we will work expeditiously to get you home,” Hsieh said further. “I’m extremely proud of all of you and everything we have accomplished as New Pacific/Ravn Alaska. Thank you for your hard work, commitment, and being part of the team.”
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