Germania has filed for bankruptcy. The airline, which carries more than four million passengers a year with its fleet of 37 aircraft, has canceled all its flights in the process.

Unfortunately, we have not managed to succeed in our financing efforts to cover short-term liquidity needs, Germania’s boss Karsten Balke said in a statement.

Germania’s cash-flow issues were blamed on the depreciation of the euro against the dollar, fuel increases, and high maintenance costs.

This is bad news for those who had booked a flight with Germania. Founded in 1986, the airline was a popular choice for holiday destinations in the Mediterranean. Following its bankruptcy, Germania has announced that it would cancel 260,000 flights and won’t refund travelers for it.

Since the end of the summer, seven European tour companies have gone out of business (Danish Primera Air, Lithuanian Small Planet, German Air Azur, Swiss Skywork, Belgian VLM, Cypriot Cobalt and British Cello). Ryanair has announced its first quarterly loss since 2014. Air Berlin, which was backed by Etihad Airways and was at one point Germany’s second largest airline, went bankrupt in 2017.

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