Spanish no-frills airline Air Comet is to cease operations after a British judge ordered its fleet to be impounded.
Around 200 passengers bound for Latin America blocked the entrance to Madrid Airport adding further chaos to that already caused by the severe weather.
The airline normally carries some 1,500 passengers a day.
The company has filed for bankruptcy and has requested government permission to dismiss all of its 700 employees.
Air Comet owes 17 million euros in lease payments to the German based Nord Bank, which filed for the carrier to be grounded.
As well as being in debt to the banks Air Comet owes its workers some 7 million euros in back pay.