SkyEurope Airlines, a European budget carrier, has filed for bankruptcy and suspended all flights, according to BBC News.
SkyEurope is advising customers to seek redress from their credit card companies or travel agents. As is typical in this type of bankruptcy situation, passengers stranded away from home who paid with cash may not be able to recover their losses.
Several European discount airlines, including Ryanair and EasyJet, are offering stranded SkyEurope passengers special airfares to help them get home.
Purchasing financial default insurance is one way to avoid this type of travel disaster; paying by credit card is another. If you are sure you can't afford to lose your airfare investment, consider protecting yourself by buying a travel insurance policy.