SkyEurope, once one of Slovakia’s high-fliers and an example of plucky central European entrepreneurship, is in deep trouble and trying to restructure itself and change its business model while being buffeted by soaring fuel prices and a likely shake-out among European airlines.

SkyEurope was one of the first airlines to see the potential in central Europeans flying west once the region was admitted to the European Union in 2004. It exploded from having a single 30-seat Embraer jet in 2002 into being an airline offering flights from bases throughout the region.