The company, which has been flying medical and rescue flights, used to operate a regular route between Helsinki and Tallinn.
The company never managed to restore its image following a fatal crash in 2005 in which all 14 people on board were killed.
The Sikorsky S-76 model helicopter had just taken off from the Estonian capital Tallinn en route to Helsinki when it crashed into the Gulf of Finland. Officials at the time said technical shortcomings in the aircraft might have been detected if supervision had been better.
Medical flights will continue until agreement is reached with a new service provider.