Fly Olympic AB, the new Swedish carrier that operated flights from the UK's London Gatwick to Africa, has cancelled all flights reporting bankruptcy.
The airline, which is an affiliate of Aero Pacific launched flights from Stockholm in February and offered flights from Gatwick to Eritrea and Somalia via Stockholm and Athens. The airline blames poor sales for forcing it out of business, saying it 'performed dramatically below all reasonable expectations'.
"The losses sustained were too great for a company of our size to survive," the company said in a statement, "We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out. - All flights are cancelled and all reservations are therefore also cancelled."
Passengers who booked directly with the airline via a credit or debit card should contact their card provider and may be able to get their money back. Passengers who booked via a travel agent should return to their agent for further advice and information.