Iceland-owned and Denmark-based, budget carrier Sterling has shut operations and posted a detailed explanation of the reasons that says, in part:

Sterling Airlines’ trademark has always been excellent staff and service. Among the staff the Sterling spirit will continue to exist. We have made our mistakes over the years. But hopefully we have done more right than wrong, and at least we have made the market more competitive to the benefit of our customers.

This surely isn’t going to be the last airline to fail; if you’re planning to fly this year, a read through Edward Hasbrouck’s FAQ about Airline Bankruptcies might be in order.