Services suspended
SkyEurope, one of Eastern Europe's largest budget airlines, has filed for bankruptcy after struggling for months with mounting debt and falling demand.
Sales and operations have been suspended with immediate effect despite protection from creditors and new investments.
SkyEurope passengers without credit card protection will out of pocket as refunds may not be possible, the Slovakia-based airline said in a statement.
Passengers with return flights on SkyEurope may also find themselves stranded after being advised to book new flights with other airlines.
SkyEurope's revenue has suffered this year as passenger traffic dropped by almost a third compared to 2008.
The budget carrier's troubles reached a peak two weeks ago when Vienna Airport banned departing SkyEurope flights.
The news cast doubt over the airline's finances despite its announcement of two separate financing agreements worth around €21.6m.
Austrian investor group FOCUS Equity B.V. injected €16.5m while UK-based Chain Box Technology Ltd invested €5m on a "short-term basis".
In June the airline said it had asked Bratislava District Court to give it time to carry out a re-organisation plan to "make the company more attractive for potential investors."