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SkyEurope enters bankruptcy

Published on 1 Sep 2009 under category: legal

A European airline has filed for bankruptcy, it has been revealed.

Slovakian carrier SkyEurope announced that it has taken the action, with the company's flights being cancelled.

The firm revealed this shortly before midnight on August 31st, bankruptcy solicitors may be interested to hear.

Trading with the airline's shares on the Vienna Stock Exchange has been suspended, as are all SkyEurope flights.

These service cancellations are set to affect those travelling to destinations such as Bratislava, Paris and Prague the most.

SkyEurope was launched in 2002 as a low-cost airline, after being founded the year before.

However, it has encountered financial problems in recent months and was reported to have been trying to restructure its debts, with the carrier announcing that it had done so earlier in the summer.

Last week, publisher Reader's Digest filed for Chapter 11 bankruptcy protection, shortly after revealing that it was making plans to do so as part of a restructuring programme which will only affect its US businesses.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.