DALLAS — Colombian low-cost carrier Ultra Air (U0) has notified its customers, suppliers, and authorities that it will suspend its operation as of tonight at 12:00 a.m.

The airline is headquartered in Rionegro, Antioquia, Colombia, with its main base located at José María Córdova International Airport (MDE), serving Medellín. The LCC, which began operations a year ago, was the only regular commercial airline financed with Colombian capital.

During this time, U0 transported more than 2 million passengers, connecting the country's main cities, gaining more than 8% of the Colombian air market share, and generating more than 1,200 direct and indirect jobs.

https://twitter.com/ultraairoficial/status/1641198193630392323

Ultra Air stated via a public release that adverse macroeconomic situations for the industry, such as the increase in the cost of fuel and the exchange rate, generated a substantial increase in costs for the airline, which led to operating at a deficit during the last few months.

Additionally, the release says the suspension of operations of the country's third largest airline put industry suppliers and aircraft lessors on alert, as they began to demand immediate payments and even prepayments for the supplies and services necessary for the operation, which is unusual in this industry.

Despite the efforts made by U0's investors and the requests for support from the National Government through the National Guarantee Fund, the airline is now unable to continue operating.

Ultra Air will no longer fly on any of its scheduled routes as of March 30, and offers its "apologies to employees, customers, suppliers, and other stakeholders affected by this situation."

Featured image: Ultra Air Via Twitter