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September 2, 2009

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European discount air carrier grounded

SKYEUROPE Airline AS, a Central European discount airline, said yesterday it has filed for bankruptcy and that all its flights, sales and operations have been suspended immediately.

The company cited the "lack of sufficient interim funding to finance ongoing operations."

The company's stock was suspended from the start of trading yesterday, the Vienna Stock Exchange said.

The troubled airline obtained credit protection in Slovakia in June.

The carrier reported a loss of close to 60 million euros (US$85.63 million) in the 2007-08 business year, with a turnover of 260.9 million euros.

SkyEurope was founded in 2001 and began operations in February 2002. It has not been profitable since.

SkyEurope operated services to more than 20 European cities from bases in Bratislava, Vienna and Prague.


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