Turkish carrier Inter Airlines has become the latest to cease operations, and plans to return the three Airbus A321s in its fleet.
The Antalya-based carrier was established in 1999 and began operating flights in April 2002 with Boeing 737-800 aircraft.
It started introducing the A321s towards the end of 2005.
But last month the airline laid off 49 workers and continued yesterday with 90 pilots, cabin crew and technicians.
Chief executive Omer Torosluoglu says: "With the global crisis and increasing fuel prices, it's very hard to continue operations. I'm planning to continue as a tour operator."
Torosluoglu is linked with tour operator Birce Tour and Dutch-based GTI Travel, as well as hotels in Antalya, and the carrier specialised in Dutch-Turkish holiday flights.