updated 7/22/2009 4:47:02 PM ET 2009-07-22T20:47:02

Italy's civil aviation authority grounded low cost airline MyAir on Wednesday, saying months of financial troubles made the company's service unreliable.

The Italian authority, know by the acronym ENAC, said it suspended MyAir's license to fly effective at midnight Friday.

The airline based in Vicenza, northern Italy, flew from Italian cities to airports across Europe, as well as Morocco and Turkey.

ENAC had issued a temporary license in June, hoping MyAir would work through its money problems, but the airline scrapped several flight over the last few days, leaving hundreds of passengers grounded.

The authority said in a statement Wednesday that it was forced to yank MyAir's license because the airline had failed to keep its commitment to maintain service while it worked to recapitalize the company.

A brief statement on MyAir's Web site took note of the decision and said it had stopped ticket sales.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.67%
$30K home equity loan FICO 5.00%
$75K home equity loan FICO 4.36%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 11.09%
11.09%
Cash Back Cards 16.42%
16.42%
Rewards Cards 16.04%
16.04%
Source: Bankrate.com