European discount airline Primera Air, which offered budget-priced fares between the U.S. and Europe, is suspending all flights and filing for bankruptcy protection.

The airline said on its website Monday, "On this sad day we are saying Goodbye to all of you." It isn't giving information about refunds.

In a statement, directors say Primera couldn't get financing from its bank and spent more than 30 million Euros ($34.7 million) leasing planes and rebuilding one with severe corrosion.

Primera started as a charter airline in Iceland and became one of several budget airlines to offer transatlantic service in recent years, flying to Newark, New Jersey; Washington; Boston and Toronto.

This month, Primera touted new flights next summer between Madrid and North America starting at 149 Euros ($172).).