The Austrian low-cost airline Level Europe has announced it is filing for insolvency and will not resume flights, which had already been suspended since March due to the coronavirus pandemic.
Once insolvency proceedings are filed, an Austrian Court will appoint an administrator.
Around 200 jobs in Vienna are thought to be at risk, along with roughly 40 in Amsterdam.
The airline, previously known as ANISEC, is affected by the coronavirus crisis despite the financial support of parent IAG (ICAG.L).
Level Europe was designed to serve short- and medium-haul routes within the continent.
IAG also runs long-haul flights using the Level brand from Paris and Barcelona which are not affected by Friday´s announcement, the company said.
Level Europe has six Airbus short-haul jets and is part of IAG-owned Vueling Group.
Level Europe blamed the COVID-19 pandemic for its move to cease trading, joining a growing list of airline failures after planes across the world were grounded for months during coronavirus lockdowns.
An administrator will be appointed once insolvency proceedings have been filed, Level Europe said in its statement.