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Spanish airline Lte International has suspended operations after admitting it cannot meet its operational expenses.

In a message on its website, the airline said chartered and scheduled operations have been suspended but made no mention of whether it intends to fly again.

The airline said in the statement: "Lte is doing everything to minimize the impact of this suspension of services on its clients and providers.

"After 20 years operating with maximum dedication to our clients it just was not possible to avoid this situation given world events lately.

"We apologise for the inconvenience this may cause to our passengers, clients and suppliers."

Cosmos has confirmed it will be flying home some of the passengers stranded as a result of the flight cancellations.

The package holiday operator said: "Passengers currently in Tenerife who were due to return to Birmingham at 11:25 BST and to Glasgow at 17:35 BST today will now be flying on a Monarch Airlines flight into Manchester this evening departing Tenerife at 23:45 BST and will be transferred by coach for their onward journey to Birmingham and Glasgow.

"Passengers due to fly from Birmingham to Tenerife at 12:25 BST lunchtime today will be transferred by coach to connect with the Monarch Airlines flight departing from Manchester at 18:30 BST this evening.

Passengers who were due to fly from Edinburgh to Tenerife at 00:35 BST tomorrow, October 18th, are currently being contacted and will be offered a full refund or the opportunity to fly from Manchester on this evening's departure at 18:30 BST, returning to Manchester on October 25th."

Passengers due to depart with LTE in the forthcoming weeks will be contacted in due course as soon as alternative flight arrangements have been made.