The airline EuroManx have ceased trading.
All its flights in and out of the Island today have been cancelled.
The news ends weeks of speculation and rumour on the health of the company.
In a press release this morning EuroManx says that over the last five years it has endeavoured to develop and grow the business, but the last six months conditions have been very difficult, with rising fuel prices and reduced passenger numbers proving to be insurmountable obstacles to the airline being able to continue operating.
The company claims all passengers with tickets for EuroManx services can be assured that alternative arrangements are being sourced.
Flybe will carry all ticketed EuroManx passengers to Liverpool, Manchester and also intially London Luton or Gatwick services where space is available.
Passengers to Belfast will be advised in due course.
Transport Minister David Anderson says he was aware that the company had been in difficulty for some time and had been hoped that they could be rescued by a trading partner, but unfortunately those talks had broken down:
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