Mexicana Airlines suspended all operations Friday, ending a rapid financial unraveling for Mexico’s oldest air carrier.

Compania Mexicana de Aviacion is unlikely to resume operations after grounding all its flights over the weekend, four weeks after filing for bankruptcy protection in Mexico and the U.S., UBS AG said.

That will initially curb air traffic and hurt airport operators, including Grupo Aeroportuario del Sureste SAB, Grupo Aeroportuario del Pacifico SAB and Grupo Aeroportuario del Centro Norte SAB, UBS analysts Tomas Lajous and Luis Galvez wrote today in an e-mailed note.

“We expect this should be permanent,” the analysts wrote. “Traffic is set to suffer a material supply-side hit until a way out is found.”

Investor group Tenedora K bought the majority of Mexicana last week.