Hungary's Malev airline has grounded it planes and stopped all operations after running out of cash.

Friday's shutdown comes about a month after the European Commission ordered the airline to repay millions of dollars in government subsides it received between 2007 and 2010.

Malev's problems caused some of its service providers to lose faith in the company and press for accelerated payments of bills.

The airline had been in business for more than six decades.

The Bloomberg financial news service reports that Malev was hurt by competition from low-cost air carriers.