Maastricht Airlines filed for bankrupty on Thursday before even one flight made it into the air, press agency Novum reports.

The airline, which was to be based at Maastricht-Aachen Airport, planned to begin flights in March but that was postponed due to the late delivery of aircraft and a delay in the agreement of working terms and conditions with staff.

Following the delay, one of the biggest private investors pulled out, leading to Thursday’s announcement.

The airline has received a start-up subsidy of €100,000 from Maastricht council and €235,000 from Limburg provincial council. The two councils said the investment was worthwhile for the employment and investment it would bring to the region.

A spokesman for the airline told Novum they are looking for a new investor. ‘We already have a strong plan for Maastricht Airlines. We just need someone with the courage to step aboard.’