Shoreham Airport has gone into administration.
Trading in shares of airport owners Erinaceous Group PLC were suspended this morning.
Erinaceous has debts in excess of £250m.
Jim Tucker and Myles Halley of accountants KPMG have been appointed joint administrators of Erinaceous Group PLC, the parent company of the Erinaceous Group.
A number of the group's operations, including Erinaceous Insurance Services, remain outside of any insolvency proceedings and continue to trade as normal.
Mr Tucker said: "Erinaceous has grown rapidly through acquisition in recent years. Although the insurance division continues to perform well, and we expect to announce the completion of its sale within days, the rest of the group has struggled to integrate its acquisitions and has been loss making."
He said it was too early to tell how many of its 4,000 employees would be affected.
More details about how the airport would be affected were expected later.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article