The airline plans to file for Chapter 7 bankruptcy within a few days, said Frank Fraboni, a company spokesman.
Fraboni would not give additional information about the financial status of the company, which is based in Lithia Springs.
Most of the companys 500 employees will lose their jobs, but a small staff will stay in place, Fraboni said.
Customers with tickets on now-canceled TransMeridian flights should contact their credit card companies or travel agents, Fraboni said. The company has money available for ticket refunds, but doesnt have staff in place to distribute it, he said.
The airline described itself as a supplemental carrier that has taken more than 1 million passengers to more than 150 destinations in the U.S., Mexico, South America and the Caribbean. It was in expansion mode earlier this year, obtaining new jets and recruiting from rival carriers