Transatlantic operator Zoom Airlines has suspended operations with immediate effect, after failing to secure a re-financing package.
"All flights have been cancelled and passengers are being advised to seek bookings with alternative airlines," says Zoom in a statement.
Customers who have future travel plans involving a Zoom flight for which reservations and payment have been made are being advised to contact their credit or debit card company to apply for a refund.
Zoom's divisions in Canada and the UK operated Boeing 767 and 757 aircraft on routes primarily connecting points in Canada and the USA with cities in the UK, France and Italy. The company employs 450 staff in Canada and 260 staff in the UK.
"We deeply regret the fact that we have been forced to suspend all Zoom operations. It is a tragic day for our passengers and more than 600 staff," says Zoom founders Hugh and John Boyle.
"We are desperately sorry for the inconvenience and disappointment that this will cause passengers and those who have booked flights.
Earlier today, Zoom initiated creditor-protection proceedings and said it was in discussions with undisclosed parties to secure investment. But those efforts failed.
"We have done everything we can to support the airline and left no stone unturned to secure a re-financing package that would have kept our aircraft flying. Even late today we believed we had secured a new investment package to ensure future operations but the actions of creditors meant we could not continue flying," says Hugh and John Boyle.
"Having been unable to complete the investment package the directors of Zoom had no option but to instigate administration proceedings."