Malaysian carrier MYAirline has suspended operations while it seeks a financial restructuring, less than a year after it launched flights.

The airline announced Oct. 12 that its flights have been canceled until further notice, citing “significant financial pressure.” It will remain grounded “pending the shareholder restructuring and recapitalization of the airline.”

“We have worked tirelessly to explore various partnership and capital raising options to prevent this suspension,” the MYAirline board says. “Unfortunately, the constraints of time have left us with no alternative but to take this decision.”

The carrier says it will be working to resume operations as soon as possible, but added it is “unable to commit to any timeline.”

The Malaysian Aviation Commission (MAVCOM) stresses that the airline is still liable for refunds for affected travelers. It has also instructed MYAirline to cease all bookings. MAVCOM says it is investigating the carrier regarding complaints received related to unpaid employee wages and other matters.

MYAirline launched in December 2022. It currently has a fleet of nine Airbus A320s.

The suspension comes just three days after MYAirlines CEO Rayner Teo stepped down due to health reasons, with COO Stuart Cross taking over as interim CEO.

At that time, MYAirline stressed that although it was reducing routes, it was committed to continuing to operate. The carrier said it was in “advanced stages of finalizing strategic partnerships that hold significant promise for [its] future growth.”

The carrier also announced on Oct. 9 that its air operator certificate has been extended for another two years by the Civil Aviation Authority of Malaysia.