SkyEurope, a Slovakian low-cost airline, declared bankruptcy and suspended flights on Tuesday, after being unable to cope with the difficult conditions resulting from the global economic crisis.

SkyEurope began flights in 2002 with a single 30-seat Embraer jet, and quickly grew into one of the region’s larger carriers. It took advantage of the central Europe’s accession to the European Union in 2004, which spurred the low cost travel industry as millions of Poles, Slovaks and Hungarians migrated to western Europe in search of employment.