SkyEurope files for bankruptcy

SkyEurope Airlines had to file for bankruptcy on September 1st as a consequence of it's inability to overcome it's financial problems.

The airline has had to deal with financial problems for more than two years. A strategy centered on the development of a base at Vienna at the start of the summer schedule of 2007 - three aircraft were based at VIE, increased to six at the end of October 2007 - finally created even more financial stress on the Slovak company.

Several injections of fresh money by various investors failed to turn the company around. In January 2009 GE Commercial Aviation Services (GECAS) pulled six Boeing 737 out of the company's fleet as SkyEurope had failed to fulfill the limits of liquidity laid down in the leasing contract.

This was the beginning of the final chapter for SkyEurope. The company quickly managed to organize replacement aircraft, but flight delays and cancellations started to increase.

In June 2009 SkyEurope entered bankruptcy protection under Slovakian law, a procedure similar to Chapter 11 in the United States. Nevertheless a Boeing 737 was impounded by Aeroports the Paris in a dispute over non-payment of operating fees. Flight delays increased even more.

In mid August Vienna International Airport set up an ultimatum for the payment of running charges for it's services. SkyEurope was unable to pay the requested money and transferred it's Vienna operation to nearby Bratislava. Passengers were still checked in at Vienna airport, but then bussed to Bratislava.

On August 31 Prague airport refused services to SkyEurope, as SkyEurope had not payed it's running costs.

On September 1st SkyEurope announced, that it had terminated it's flight operations.