Norwegian budget carrier Flyr, which launched in 2021, is poised to file for bankruptcy on Wednesday (1 February).
The airline confirmed efforts to secure new funding had failed, and that it would cease trading and cancel all flights. It had been due to launch a Gatwick-Oslo route in the spring.
"Flyr was unsuccessful with the new financial plan and the board concluded on Tuesday evening that there are no alternatives for further operation," it said in a statement.
"The company will file for bankruptcy on Wednesday morning. Flyr has now ceased trading and all flights are cancelled and will not be rescheduled."
Flyr founder and chair Erik Braathen told Norwegian daily paper Bagbladet that more than 400 employees would likely lose their jobs, Reuters reports.
The airline operated a fleet of 12 leased Boeing aircraft, serving the Norwegian domestic market and several international destinations.
It comes after British regional carrier Flybe failed on Saturday (28 January) for the second time in three years.
’Deeply apologise’
In a statement, Flyr added: "Many thanks to everyone who has chosen to fly with us over the past year and a half. We will miss you all from the bottom of our hearts and deeply apologise to everyone affected by the fact that we now have to go in for landing.
"We encourage everyone who has booked a ticket with us to contact their credit card company for a refund. The bankruptcy trustee will take over all responsibility for Flyr going forward, and will share contact information on flyr.com as soon as it becomes available."
According to flight schedule analyst Cirium, Flyr had been due to serve 32 destinations across Europe in 2023, many from Oslo where it was based.
The airline had been due to launch a new route between Gatwick and Oslo in March, and previously operated flights to Edinburgh in 2022.
During February 2023, Flyr was scheduled to operate 306 flights, equating to more than 57,000 seats.
