Italian budget carrier MyAir has had its operating license suspended by the Italian Civil Aviation Authority. This is a suspension is due to servere financial difficulties and service failures.

The Italian Civil Aviation Authority said in a statement that the airline could not ensure coverage of costs for essential services. The financial troubles had made the company’s service very questionable at best. MyAir is an airline that had been seeking recapitalization for several months, but had failed to come up with a secure financing strategy. It had been operating on a temporary license for the past month. The airline’s headquarters is located in Vicenza, northern Italy.

It had flights that flew to several Italian cities, as well as many European cities. MyAir did go on to confirm in a statement that, because of the Italian Civil Aviation Authority’s order, it would be obligated to halt all services at this time.

This comes at a bad time for the airline, which had 15 bombardier 100-seater CRJ1000s on order. With the economy as bad as it is, experts say that they are not sure when or if MyAir will ever be back up and running. MyAir will more than likely be canceling the orders on the plans that it had, since it will not be able to use them on a suspend license. Other airlines around the world are looking at the same problems that MyAir has. If airlines do not find a way to bring in more money soon, others will be shut down as well