Latvia-based ACIM, cargo, and charter carrier, SmartLynx Airlines announced on Monday it was ceasing all operations, effective immediately, after new management at the company determined that its financial outlook and long-term sustainability were untenable.

The cutoff of operations marks the end of more than 30 years of service for the European carrier. SmartLynx began operating Soviet-era airliners, before expanding and becoming one of Europe’s top wet-lease service providers.

Earlier last month, SmartLynx entered into a court-supervised restructuring process after the company was sold by Avia Solutions Group to Dutch-based fund, Stichting Break Point Distressed Assets Management. As part of the restructuring plan, management was required to submit a restructuring plan by February 28,

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