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Airline industry hit by new collapse

Budget airline SkyEurope has today cancelled flights for the foreseeable future after filing for bankruptcy. While the company is based in Slovakia it has significant operations from Luton and Manchester and has attracted a great number of UK travellers. Even though there is an industry compensation package in place there are growing concerns that refunds may not be available for a great number of customers left in the lurch.

Those who spent over £100 on travel expenses with SkyEurope, using their credit card, should be able to claim back from their credit card provider and those taking flights as part of a package holiday should be covered by the ATOL compensation scheme. The sudden collapse has left many customers stranded overseas although a number of other budget airlines have stepped in and agreed to fly those stranded overseas back to their homeland as soon as possible.

This is yet another serious blow for not only the budget airline industry but the airline industry as a whole which is struggling on the back of reduced business and growing debts. It is unlikely that SkyEurope will be the last budget airline to fail as many operations are being "squeezed from both ends" resulting in severe cash flow issues.

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