The Slovenian airline Adria Airways has been forced to file for bankruptcy due to insolvency, according to a press release.

The company announces that the application will also result in all flights being canceled.

Adria Airways was founded in 1961 and has been owned by the Luxembourg-based restructuring fund 4K Invest since 2016. The fund purchased 96 percent of the shares from the Slovenian state.

Adria, which flies regionally within Europe, is part of the Star Alliance airline alliance, where SAS and Lufthansa are also members.

Source: finwire