New Orleans-based GLO Airlines, which has operated regional charter flights from Louis Armstrong International Airport since late 2015, has filed for bankruptcy protection and must stop operating after Thursday, federal bankruptcy court records show.

GLO has asked the court to allow it to keep flying past Thursday, saying that otherwise it will lose "its principal source of revenue."

Looking to attract business travelers and others eager for an alternative to driving or multiple-stop flights, GLO has offered nonstop service from New Orleans to Shreveport; Little Rock, Arkansas; Memphis, Tennessee; and Huntsville, Alabama.

On Sunday, FlyGLO LLC filed a voluntary petition for bankruptcy in federal court in New Orleans, listing assets and liabilities of between $10 million and $50 million, with up to 49 creditors.

According to court papers, GLO's largest unsecured creditor is GE Engine Services, of Ohio, which is owed nearly $980,000.

GLO leases three 30-passenger Saab 340B aircraft, which are operated by a third-party company, Corporate Flight Management Inc.

According to court papers, Corporate Flight Management notified GLO this month that the airline had breached its contract because it fell behind on payments dating back to March.

As a result, Corporate Flight Management notified GLO and the Department of Transportation that the contract was terminated, with a 10-day window for taking effect. 

GLO disputes that it was in default on its contract. 

The company moved more than 32,300 passengers through the New Orleans airport in 2016 and was on track to serve about 40,000 in 2017, according to its federal court filings, which claim the service is "essential to bringing visitors and business people in and out of New Orleans and the Gulf South."

In a statement Monday, Jordan Mitchell, a GLO spokesman, blamed the reorganization on the airline's dispute with Corporate Flight Management. He said GLO was working toward "a solution that will get us back flying a full schedule."

"After raising serious concerns over its performance and business practices, rather than find solutions, the air carrier unilaterally terminated its contract to operate GLO’s program," the company said. "This entirely unjustified action has put GLO’s operations and the financial health of many of GLO’s partners at risk."

GLO founder and CEO Trey Fayard did not return a message Monday. In the statement, he called the bankruptcy filing "a difficult decision, but a necessary one to protect everyone involved."

GLO "directly and indirectly" supports 79 jobs and has a payroll of more than $2.8 million, records show.

When the service was announced in 2015, many local officials hailed the startup as one that would improve connections throughout the Gulf Coast and in turn boost New Orleans' standing in the business community.

Follow Richard Thompson on Twitter, @rthompsonMSY.