World Airways, an airline that specialized in U.S. military charters, operated its final flight on March 26.
The airline said its first lienholder declared World Airways in default on its loan on March 25 and stopped providing funding.
World Airways has let go 325 employees, including 109 pilots and 146 flight attendants.
The charter airline is owned by Global Aviation Holdings, which filed for Chapter 11 reorganization last November.
Global Aviation’s other subsidiary, North American Airlines, will continue operating. North American’s customers include vacation packagers and tour operators.