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The 7-year-old Icelandic carrier, known for its bright purple planes and rock-bottom ticket prices, had been struggling with debt.
Monarchs in Europe have had a long, interesting history. Here are some surprising facts you didn't know about European kings and queens.
The budget airline took a £101 million hit from adverse currency movements but revenue rose 5% as rivals went bust or struggled with operational issues.
The combination of a weak pound since the Brexit referendum, an increase in terrorist attacks in the Middle East and Europe, and Brexit uncertainty killed it.
Around 98,000 people remain abroad. Over 50,000 are expected to be flown home this week, with over half currently in Spain or the Spanish islands.