Effective at the end of the day on Monday, Olympic Airlines will cease operations and transfer its carrier code to Olympic Air.
The successor airline is putting all ARC agencies on a cash payment basis until it arranges for the necessary merchant accounts so agencies can accept plastic from clients.
All Olympic Airlines transactions, including credit sales, will be processed as usual for the report period ended at midnight on Monday.
ARC said Olympic Air expects to accept American Express, MasterCard and Visa from agency clients "in the very near future."
ARC notified agents on Friday that the cash-only portion of the news was effective at the end of the day on Sunday, but it will issue an updated announcement that clarifies that both the code transfer and cash-only terms are effective 24 hours later.
Agents have received short notice, but ARC said it notified agencies of the changes as soon as the information was firm.
Headquartered in Athens, Olympic Air offers service to Amsterdam; Bucharest, Romania; Brussels, Belgium; London; Milan; Paris; Sofia, Bulgaria; Vienna; Larnaca, Cyprus; and 20 cities within Greece.
Olympic Air is slated to launch codeshare flights on Delta aircraft between New York and Athens on Oct. 4, to be followed by additional Delta codeshare destinations to be announced.