SkyEurope collapses

Budget airliner SkyEurope has gone into administration after several years of heavy losses.

The Slovak-based airline has long been regarded by City watchers as one of the most vulnerable European carriers as restructuring and consolidation carries on apace in the European aviation industry, the FT reported.

Last ditch attempts to find new investors failed, which led to the company seeking protection from its creditors by filing for administration at the district court in Bratislava.