Helios Airways was a low-cost Cypriot airline operating scheduled and charter flights between Cyprus and many European and African destinations.

[5] On 14 August 2005, Helios Airways Flight 522 crashed near Grammatiko, Greece, after the crew was incapacitated due to lack of oxygen.

[6] On 14 March 2006, it was announced that Helios Airways would be rebranded as Ajet and would withdraw from scheduled operations.

All Ajet flights were suspended from 1 November 2006, and the majority of its schedules were taken over by the charter carrier XL Airways UK (which itself went out of business in September 2008).

According to the owners, Libra Holidays, the decision to cease operations was due to poor financial results and pressure from creditors.