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By Published on .

WASHINGTON (AdAge.com) -- In the first direct financial failure attributed to Tuesday's terrorism attack, Midway Airlines has shut down.

The airline cited Tuesday's halt of air traffic and its own financial woes that earlier resulted in the filing of a Chapter 11 bankruptcy petition.

"This action is being taken ... to preserve the value available for Midway's interest holders and with the recognition that following the recent terrorist attacks demand for air transportation is expected to decline sharply," the company said.

Midway flies from Raleigh/Durham, N.C. Mullen LHC in Winston-Salem, N.C., is the carrier's ad agency.

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