The airline with 37 aircraft had flown mainly Mediterranean, North African and Middle Eastern holiday routes for German sun-seekers on package trips, and said it transported over four million passengers a year.
The company blamed “unforeseen developments” for its cash shortage such as “steep kerosene price increases over the summer of last year with a simultaneous fall of the euro against the US dollar” as well as a high number of technical services required by its fleet of aircraft.