Thomas Cook Airlines Balearics chairman, Alvaro Middelmann, has informed the carrier's 90 employees about the dissolution of the company due to the lack of liquidity and poor future prospects in the aviation sector.

The carrier will give up on its plans to restart operation as it was unable to secure funds in the short-term from its new investors, PANAF, which led to the decision to dissolve the airline.

The Palma-based company has a fleet of two  A320-200s.