Japanese low-cost carrier Skymark Airlines has filed for bankruptcy following the collapse of a $2.2bn order for six A380 aircraft.
Skymark, which has debts of $603m, faces penalty costs of as much as $700m because of the deal’s failure.
Skymark confirmed last month that it was facing legal action from Airbus.
The airline, which said it will continue operating for the time being, also confirmed the departure of its president Shinichi Nishikubo.
He will be replaced by chief financial officer Masakazu Arimori.