( CNN ) -- Eos Airlines , the all business-class carrier , has declared bankruptcy and stopped operations Sunday . The New York-based airline reconfigured 220-seater Boeing 757s to 48 seats that could extend into fully flat beds . The seats also allowed passengers -- or `` guests '' as they airline prefered to describe them -- to sit face-to-face to dine or hold business meetings . The tickets carried a hefty price tag -- up to $ 9,000 roundtrip from New York to London -- but the luxuries were aimed toward more discriminating business travelers . The privately-held airline , in a news release Sunday , said it had secured additional financing . But `` some issues arose that prevented the parties from moving forward , '' it said . The airline immediately began the process of eliminating the positions of most of its employees . `` There are times in business when even though you execute your business plan and even though your employees do their jobs beautifully , external forces prevent you from controlling your own destiny , '' Eos CEO Jack Williams said in a statement . The airline becomes the latest in a number of small carriers that have gone out of business in recent month . Analysts blame the high cost of fuel , a slowing economy and a credit crunch . Other carriers that have declared bankruptcy recently include Skybus and ATA airlines . Eos asked passengers to contact their credit card companies or travel agents to find out how to obtain refunds for unused tickets . It said frequent-flier program participants will not be able to redeem their points . Any value related to membership will be determined by the bankruptcy court . E-mail to a friend .
New York-based business class airline Eos declares bankruptcy . Luxury carrier charged up to $ 9,000 roundtrip from New York to London . Comment: