Robert Milbourne told 10TV's Kevin Landers that the airline did not have available cash to pay mounting fuel bills.

Milbourne said that the company approached potential lenders last week for additional money to keep the airline operating, but Skybus was not able to raise enough funds.

"In the end, we really had no choice but to shut it down," Milbourne said.

Milbourne dismissed a suggestion by the airline's founder, John Weikle, that Weikle could resurrect Skybus. Weikle, who relinquished control over the airline in 2006, sent a letter earlier this week to the Skybus board expressing interest in taking over the airline.

"When John Weikle came to town, he had no money," Milbourne said. "When he left town, he had no money. If he comes back to town, I don't think he has any money."

Milbourne still believes the Skybus model of a low-cost airline can work, but not at the current high fuel costs.

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April 7, 2008:  Skybus To File For Bankruptcy
April 6, 2008:  Skybus' Decision Shocks Travelers, Workers
April 4, 2008:  Skybus To End Operations
March 24, 2008:  Skybus CEO Stepping Down
March 19, 2008:  Skybus Adjusts Schedule To Deal With Fuel Costs
March 6, 2008:  Skybus Changes Trip Insurance To Cover Cancellations
February 22, 2008:  Skybus Waives Ticket-Change Fee
February 15, 2008:  Skybus Increases Fee For Checked Baggage, Priority Boarding

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