Photos © R.Leeuw

Khalifa Airways stopped most flying by mid-March 003 after it failed to meet lease payments. Lufthansa and Pegasus (4 737s) reclaimed their aircraft, and delivery of aircraft on order were postponed and cancelled.
It became known that the the Bank of Algeria had appointed an administrator to manage affairs of Khalifa Bank (also owned by Rafik Khalifa), thus denying funds to the ailrine to meet lease payments and insurance.
The Khalifa empire (the bank and the airline were a part of the Khalifa Group) was suspect of illegal activities, 2 associates were arrested with a suitcase of money (allegedly 2 million euros) while taking the company executive jet to Paris. With the Khalifa Bank thus curtailed, the whole empire crumbled and collapsed: aircraft were ceased and reclaimed.
| Registration | Aircraft type | C/n | remarks |
| F-OHRN | ATR 42-320 | 268 | lsf ATR Asset Management / cvtd -300 |
| F-OHRO | ATR 42-320 | 304 | lsf ATR Asset Management / cvtd -300 |
| F-OHRP | ATR 42-320 | 178 | lsf ATR Asset Management / cvtd -300 |
| F-OHRQ | ATR 42-320 | 203 | lsf ATR Asset Management / cvtd -300 |
| ZS-AVL | Canadair CL-604 Challenger | 5328 | lsf/opb ExecuJet Middle East in KZW-cs |
| F-OHGM | ATR 72-500 (72-212A) | 644 | lsf ATR Asset Management |
| F-OHGN | ATR 72-500 (72-212A) | 648 | lsf ATR Asset Management |
| F-OHGO | ATR 72-500 (72-212A) | 652 | lsf ATR Asset Management |
| F-OHGP | ATR 72-500 (72-212A) | 672 | lsf ATR Asset Management |
| F-OHGQ | ATR 72-500 (72-212A) | 677 | lsf ATR Asset Management |
| F-OHGR | ATR 72-500 (72-212A) | 684 | lsf ATR Asset Management |
| TC-APD | Boeing 737-42R | 29107 / 2997 | Lsf Pegasus Airlines (PGT) |
| TC-APT | Boeing 737-4Y0 | 24687 / 1865 | Lsf Pegasus Airlines (PGT) |
| TC-APM | Boeing 737-809 | 28403 / 117 | Lsf Pegasus Airlines (PGT) |
| TC-APY | Boeing 737-86N | 28591 / 233 | Lsf Pegasus Airlines (PGT) |
| F-OGYM | Airbus A310-324 (ET) | 457 | lsf Airbus Asset Management |
| F-OGYN | Airbus A310-324 (ET) | 458 | lsf Airbus Asset Management |
| F-OGYS | Airbus A310-324 (ET) | 467 | lsf Airbus Asset Management |
| F-OHPU | Airbus A310-324 (ET) | 439 | lsf Airbus Asset Management |
| F-OHPV | Airbus A310-324 (ET) | 449 | lsf Airbus Asset Management |
| F-OHPY | Airbus A310-324 (ET) | 452 | lsf Airbus Asset Management |
| F-OIHS | Airbus A310-325 (ET) | 674 | lsf Airbus Asset Management/cvtd -324 |
| C-FRAE | Airbus A330-322 | 143 | lsf SSV |
| C-FRAV | Airbus A330-322 | 171 | lsf SSV |
| 7T-VKM | Airbus A340-313 (X) | 139 | lsf Boeing Capital Corp. |
| 7T-VKN | Airbus A340-313 (X) | 149 | lsf Boeing Capital Corp. |
Fleet info: JP Airline Fleets