Independence Air has been grounded.

Citing financial difficulties, FLYi Inc. — the corporate parent of the upstart, low-fare airline — announced that it will discontinue all scheduled flights after 7 p.m. on Thursday, January 5.

The company, which filed for bankruptcy protection in November, added that it made the decision after it was unable to find a buyer. “To date there has not been a firm offer put forward that meets the financial criteria necessary to continue operations,” said chairman and chief executive officer Kerry Skeen, in a statement.

FLYi added that it is seeking bankruptcy court approval to automatically make refunds to customers who have reservations for flights later than Thursday evening. Customers with roundtrip reservations who were scheduled to return after that time will have the opportunity to change their return flight to one of the remaining days of operation. No refunds will be offered for free tickets or vouchers, it added.

Independence Air began service in June 2004 and — for a few more days — offers more than 200 daily departures to 37 destinations.

“Things traditionally in the airline industry slow down drastically in January, so the total number of people that are going to be affected by this is much less than it would have been during the holiday season,” Rick DeLisi, a spokesman for Independence Air, told the Associated Press.