Belgian air carrier VLM Airlines announced the company has filed for bankruptcy and that all flights moving forward have been canceled.

VLM Airlines filed a formal application asking for credit protection in May in order to avoid filing bankruptcy for six months.

As time went on, the airline stated that it didn’t have enough time to make up for the number of pilots who left the company or bring in the additional financial resources.

In addition, VLM Airlines also reported that its planned sale-leaseback deal for several aircraft in its fleet fell through due to an unsuccessful re-capitalization, as well as several charter clients canceling contracts.

“We realized that all restructuring measures we had implemented from January onward had been come too late for a sustainable restructuring,” VLM Airlines CEO Hamish Davidson said in the statement.

VLM Airlines was originally established in 1993, and operated 11 Fokker 50s aircrafts. In 2015, the airline carried 300,000 passengers and employed 160 workers.