Low-Cost Airliner SkyEurope Officially Declares Bankruptcy, Cancels All Flights

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"SkyEurope informs with the biggest regret - especially for its passengers and employees but also its business partners - that SkyEurope Airlines A.S., the operative subsidiary of SkyEurope Holding AG, has suspended operations due to filing for bankruptcy by the restructuring trustee today," the company said in a press release.

The trustee, appointed by a Slovak court to oversee the airliner's restructuring process, has assessed that the company did not have sufficient funds for sustaining operations.

"This has come about after recent actions of suppliers and reduced passenger bookings and traffic revenue. The airline had tried to set up a bridge financing facility to remedy the liquidity shortfall, but this facility was not funded in the last moment," the press release also read.

SkyEurope set off in 2001 and operated its first passenger flight in February 2002.

In June this year, SkyEurope won in court protection against creditors for a three-month period, striving to restructure its business and pay back overdue debts.

SkyEurope reported EUR18.94 million in loss during the fiscal year that ended on September 30, 2008, following EUR15.68 million in loss during the previous fiscal year.