The charter-turned-scheduled carrier made the announcement during the early hours of Tuesday morning (February 5).

It cited rising fuel prices, a strong dollar and ongoing maintenance issues for its troubles.

"Unfortunately, we have not been able to successfully conclude our financing efforts to cover a short-term liquidity requirement,” said chief executive Karsten Balke.

“As a consequence, we had no choice but to file for bankruptcy. Of course, we especially regret the impact this step has on our employees. They have always done their best as a team to ensure reliable and stable flight operations – even in the tense weeks that lie behind us.

“I thank you all personally and with all my heart. Passengers who cannot take their Germania flight as planned, I apologise."

Germania’s operations began in the late-1970s with the company operating primarily as a charter airline.

At the time of insolvency, it operated a fleet of about 37 aircraft carrying more than four million passengers a year.

Passengers due to fly with Germania as part of a package are advised to liaise with their tour operator for replacement transport.

“Regrettably, for passengers who have purchased their ticket directly from Germania, there is no entitlement to replacement transport due to the current legal situation,” said the airline in a statement.

Subsidiaries Swiss Germania Flug AG and Bulgarian Eagle are not affected by the development, Germania said.

Germania served as Sunvil’s charter partner for five years, an arrangement that lapsed after the summer 2017 season.

Chief executive Chris Wright was among the first to acknowledge the news, tweeting: “Sad times having worked with them for five years – another great disappears.”

Sunvil has since struck up a charter partnership with Polish carrier EnterAir.