Swedish budget airline FlyMe said Friday it would file for bankruptcy and seized operations immediately, affecting hundreds of passengers.
FlyMe Sweden AB had not been able to raise as much cash as it expected through a rights issue, the company said in a statement posted on its Web site. The airline started operations in 2004 and now has service from three Swedish cities to about a dozen European cities, including London, Nice and Prague.
"We don't have enough liquid assets to continue operations," chief executive Finn Thaulow told Swedish news agency TT.
The Goteborg, Sweden-based airline informed some 2,500 hundred passengers about the bankruptcy through mobile phone text messages sent overnight, he said. The airline's 220 employees had not yet been informed, TT reported.
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