Swiss carrier SkyWork Airlines has ceased its activities immediately after negotiations it was conducting with a potential investor failed.
The carrier said as a result of the collapse of the talks, it could not make the financial guarantees which are required to continue activities and it has filed for bankruptcy.
SkyWork has returned its Operator’s Licence (OL) to the Swiss Federal Office for Civil Aviation (FOCA).
The carrier had operated six Saab 2000s on routes to destinations across Switzerland, Italy, Austria, Germany, Spain, the UK, the Netherlands, Croatia, and Jersey.
In a statement the airline said: “Negotiations with a potential partner have failed resulting in SkyWork being unable to provide the financial guarantees necessary to continue its operations.
“As a result, SkyWork Airlines has decided, of its own accord, to return its Operating License to FOCA. As required by law, the company, given its over-indebtedness, has now informed the relevant bankruptcy judge who will oversee proceedings.”