Swedish airline Fly Olympic AB has folded, leaving hundreds of passengers including Brits with worthless tickets.
The airline, which only launched two weeks ago, operated flights from London to Africa via Sweden and Greece.
It has cancelled all its services and filed for bankruptcy.
Fly Olympic AB flew from Gatwick to Eritrea and Somalia via Stockholm and Athens. Bookings could be made via the popular website Skyscanner.
A statement on the airline's own website said: "The losses sustained were too great for a company of our size to survive.
"We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out.
"All flights are cancelled and all reservations are therefore also cancelled."
The Civil Aviation Authority said the flights were not covered by its ATOL protection scheme, reports Travelmole.
Instead, it said passengers who booked directly with the airline via a credit or debit card should contact their card provider.
UK customers currently abroad are being advised to make alternative arrangements with other airlines.
The airline flew tourists to popular holiday destinations including Bulgaria, Egypt and Tunisia.
Russia's national tourism agency has said that it is hoping to get everyone home by the end of the week.
Labirint is the fourth Russian tour operator to fold in the past three weeks, leaving more than 50,000 tourists stranded, reports the Daily Mail.
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