However, on 13 January 2010, Blue Wings ceased all operations and filed for bankruptcy, citing the global financial crisis for a pull-out of investors.

[5] After the crash of Flight 9268 in Vnukovo, Russian aviation authorities initiated an emergency check of airline operational activities and fleet maintenance, resulting in the revocation of the carrier's AOC, effective on 4 February 2013.

[6][7] On 4 April 2013, NRC sold Red Wings Airlines Group "Guta" for one symbolic ruble (in this case, leased aircraft remained with the lessor NRC-owned company "Ilyushin Finance").

But while the process was initiated, a date for finalization of the merger or clarification of the two airlines' future business relationship and branding identities was never announced.

[9] In August 2021, Red Wings signed their first personal services 20-year contract to the value of 500 million dollars with United Aircraft Corporation in order to technical support of SSJ100 engines.