Icelandic-owned airline bankrupt
The Icelandic-owned Danish budget airline Sterling Airways is to file for bankruptcy.
The airline blamed the Icelandic financial collapse for making its owner unable to continue funding its restructuring programme.
Sterling, owned by Iceland’s Northern Travel Holdings, operated flights between Scandinavian airports and a range of other European destinations such as Alicante, Malaga and Nice.
It has cancelled all its flights, leaving passengers stranded.
“Over a three to four week period, the whole [Icelandic] financial system melted down, and that resulted in our shareholder being unable to continue his support to the company,” Sterling said in a statement on its website.
“Negotiations have been conducted with several potential investors, but it was impossible to make ends meet.”
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