MADRID (AFP) — Spanish budget airline LTE announced Friday it had suspended all flights as it was unable to cover operating costs, leaving hundreds of passengers stranded.

“LTE International Airways S.A. wish to inform you that due to the financial situation of the company, that make it difficult to meet the operational expenses in the next days, we have had to suspend our charter and scheduled operations,” the airline said on its website.

“LTE is doing everything to minimize the impact of this suspension of services on its clients and providers. After 20 years operating with maximum dedication to our clients it just was not possible to avoid this situation given world events lately.”

LTE, founded in 1987 and once known both as LTU and as Volar Airlines, is headquartered in Palma, on the Mediterranean island of Majorca, and has a fleet of seven Airbus A320s and around 300 employees.

It operates charter flights in conjunction with some major tour operators as well as regular services, notably to Britain, and a rental service. Airport authorities in Tenerife, in the Canary Islands, said around 800 passengers were stranded there due to the suspension. They have been housed in hotels prior to being placed on other flights.

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