MEDELLIN, COLOMBIA — Ultra Air, a Colombian low-cost carrier, has announced the suspension of its operations effective tonight at midnight. 

The airline, based in Rionegro, Antioquia, Colombia, and operating from its main hub at José María Córdova International Airport in Medellín, was solely funded by Colombian capital.

Since its inception a year ago, Ultra Air has transported over 2 million passengers, connected Colombia's principal cities, and captured more than 8% of the nation's air market share. The carrier also created over 1,200 jobs, both directly and indirectly.

The airline cited unfavorable macroeconomic conditions, including rising fuel costs and fluctuating exchange rates, as contributing factors to the increased expenses that resulted in operating at a loss in recent months. The suspension of the country's third-largest airline alerted suppliers and aircraft lessors, prompting them to require immediate and even advance payments for essential supplies and services, an uncommon practice in the industry.

Despite attempts by Ultra Air's investors to secure support from the National Government via the National Guarantee Fund, the airline is unable to continue operations. As of March 30, Ultra Air will cease all scheduled flights and extends apologies to its employees, customers, suppliers, and other affected parties.