Low-fare charter carrier Tor Air has had its operating licence withdrawn by Swedish authorities, according to local reports.

Sweden’s transportation board revoked the airline’s air operating licence on Tuesday saying the carrier was unable to fulfill its financial commitments.

The carrier, which operates flights from Gatwick and Manchester mainly to Greece, intends to re-apply for a licence “in the near future” following a reorganisation, the report said.

It suspended a Gatwick-Faro route in July blaming poor sales.

There was no indication on the airline’s website today of services being cancelled. The website is advertising flights for summer 2012 to various destinations in Greece.

The airline’s UK general sales agent Meridian Aviation has links with former XL Leisure boss Phil Wyatt. His brother James and former XL finance director Halldor Sigurdarson were reported to be directors at the time of the Faro route suspension. Meridian Aviation UK Limited owns the domain name flytorair.com.

Former XL Airways chief pilot Phil Lintott-Clarke is listed on Linkedin as chief operating officer for Tor Air.

Gothenburg-based Tor Air has operated services to Iraq from Sweden for the Swedish operator Aer Olympic, which has suspended flights until January 3.

Tor Air started operations in 2008 and was operating three Boeing 737s this summer.