PURCHASE, N.Y. (AP) — Eos Airlines, an all-business-class carrier that flies between Kennedy International Airport and London, said that it had filed for Chapter 11 bankruptcy and would cease operations by Monday.
The airline, which was founded in 2005, is planning to operate its final flights between London’s Stansted airport and Kennedy on Sunday.
The company, based in Purchase, N.Y., said it intended to eliminate most of its work force.
The airline’s chief executive officer, Jack Williams, said in a statement that the “challenging economic and credit environment” forced the company to file a voluntary petition for Chapter 11 bankruptcy.
The airline was named after the Greek goddess of the dawn.
Last August, the young airline struggled to arrange a fourth round of financing before securing $50 million of additional equity from institutional and private capital, with one unnamed investor, thought to be from Dubai, said to account for 70% of the total. forbes