Air Aruba stopped flying in October 2000, with no advance notice. Hundreds of passengers were left stranded at Oranjestad airport.
They had been owned by the government until 1997, when a Venezuelan group bought up most of the company. They cited American Airlines' competition in the Carribbean as a major factor in their failure.
They had operated MD90 jets that were leased from a Taiwanese company. The aircraft were repossessed for lack of payment. Local airport management also sued the company for $2 million in unpaid bills.
Destinations had included Baltimore, Miami, Newark, Tampa, Caracas, Medellin, Bogota, and Sao Paulo. They had also started service to Philadelphia before going under.
Some info about the company is at http://www.interknowledge.com/air-aruba/. Of course it is out of date, and also mentions the airline flying MD83 and DC9 aircraft. However, they had started using the MD90 from 1998 onward.