I had many many times this problem. In most cases with 32Bit textures of Jürgen Baumbusch.
I reconverted most 32Bit textures with dxt program into 32Bit again.
I've had this, and it takes a quick eye to spot an untextured aircraft before the sim goes "boom". It happened to me a few weeks ago when I saw some traffic I'd set up over a year ago, but not visited Saskatoon. An ATR42 painted by Paco, who knows his stuff, was missing an alpha channel.
I've had fewer problems now that I tend to download the FSX versions of textures and run those through my texture conversion routine, DDS2BMP, made 3 or 4 years ago. Since the process involves very little effort it's a decent safety check on aspects like alphas that is always better than diagnosing a mysterious CTD problem. Even when there are FS9 textures available I'll use the converter instead, just to play safe. Paco's ATR42 (WestWind Aviation) problem was an FS9 texture, although since it was already installed I could simply use DXTBMP to fix it. Took me half a morning to pin the problem down, though. Luckily I was at Saskatoon and not Frankfurt!