Turkish airline Atlasglobal filed for bankruptcy and all flights have been stopped, Turkey's Civil Aviation Authority (SHGM) said Friday.
"Atlasglobal airline has filed for bankruptcy because it could not continue operations, and flights have been stopped," SHGM said on Twitter.
The airline was established in 2001 in Turkey, and began to operate domestic and international flights in 2004, according to the company's website, flying to 50 destinations in 35 different countries.
Atlasglobal was forced to temporarily suspend flights in November and December last year after encountering financial difficulties.
The company pointed to cash flow problems after increased logistics and operation costs as well as the transfer to Istanbul's new airport.
In 2007, 57 people were killed after one of the company's planes crashed in the mountains during a flight to the southwestern city of Isparta from Istanbul.