Local newspaper “Dubrovački vjesnik” has reported that the charter company Dubrovnik Airline has been permanently grounded and put out of business. The debt stricken airline operated its final service on Sunday and is expected to declare bankruptcy soon.

However, it is important to note the airline’s Managing Director, Zeno Singer, is still to officially confirm the news. Dubrovnik Airline has had major financial problems since the start of the global financial crisis which hit the aviation industry in the former Yugoslavia in 2009. Dubrovnik Airline was left with a single aircraft this year during the peak summer season. Adding to Dubrovnik Airline’s financial problems was the decision made earlier this year by the shipping company Atlantska plovidba, who set up the airline, to pull out of its ownership structure. After the decision was made, many employees at Dubrovnik Airline lost their jobs bringing the number of down to just 78.