( CNN ) -- Skybus Airlines announced Friday it is shutting down its passenger flights -- becoming the third airline this week to cease operations . Skybus Airlines joins ATA and Aloha Airlines , which announced shutdowns earlier this week . The low-cost carrier could n't overcome `` the combination of rising jet fuel costs and a slowing economic environment , '' the company said Friday . `` These two issues proved to be insurmountable for a new carrier . '' Skybus , an Ohio-based airline founded in 2004 , will cease operations effective Saturday . Earlier in the week , ATA Airlines and Aloha Airlines announced they would shut down flights as both companies work through bankruptcy filings . ATA , an Indiana-based low-cost charter airline , filed for Chapter 11 status Wednesday as a result of financial problems `` following the loss of a key contract for our military charter business , '' the company said . The company started operation in 1973 . Hawaii-based Aloha Airlines announced Sunday it would shut down its passenger operations this week after filing for bankruptcy protections last month , concluding 61 years of service . In its bankruptcy filing , Aloha said it was unable to generate enough revenue from its inter-island passenger flights because of below-cost fares by competitors Mesa Air Group 's go ! airline . The company said it was forced to match the competitor 's fares during an unprecedented increase in the cost of jet fuel . Skybus said all flights Friday would be completed ; passengers with reservations for Saturday and beyond were told to seek refunds from their credit card companies . E-mail to a friend .
Low - cost carrier cites high cost of jet fuel . ATA and Delta also withdrew after bankruptcy filing . Skybus says it can seek refunds from credit card firms .