Years of unprofitability finally halts European discount carrier SkyEurope.

Imagine flying somewhere only to end up stranded at your destination, because the airline you used to get there suspended operations.  This scenario turned into a reality for some SkyEurope passengers.  The passengers were forced to buy tickets from other airlines in order to return home.

An article on USATODAY.com documented the situation for the airline.  The article said, “SkyEurope Airline AS, a Central European discount airline, said Tuesday it has filed for bankruptcy and that all its flights, sales and operations have been suspended immediately.  The company cited the ‘lack of sufficient interim funding to finance ongoing operations.’ Trading in the company’s stock was suspended from the start of trading on Tuesday, a statement from the Vienna Stock Exchange said.  The troubled airline obtained credit protection in Slovakia in June.  It reported a loss of close to euro60 million ($85.63 million) in the 2007-2008 business year, with a turnover of euro260.9 million ($372.36 million).”

The airline has been having issues dealing with its debts recently, even going as far as asking its employees to wait to be paid.  The company said at that time that it would have to suspend operations if a majority of the employees would not agree to wait.  Most of them did agree.

In any case, the bankruptcy seems like something predestined.  The airline started operating in 2002, and hasn’t made any money since.  There aren’t many companies that can survive as long as the airline did under those circumstances.

The company probably should have sought bankruptcy protection sooner, because the company likely wouldn’t have had to suspend operations.  Problems just began to compound on each other, and there wasn’t any way out.  If you are having extreme financial difficulties in your life, don’t let them get that bad.  Most, if not all, of your debts can be wiped out.  Contact a bankruptcy attorney as soon as possible to figure out what will help you now.