Not a good news but hardly a surprise.
They were not really VIP airline business model wise. Most VIP airlines have principal owners/users behind each aircraft who covers all fixed costs and shortfalls.
Blueline is (or now was) a mix-and-match of: commercial, charter, corporate and even ACMI provider. 3 aircraft types with only a couple airframes of each. Days when such outfits were feasible in Europe are long gone.
There is only one of a similar strategy remains on the market (EU) - Titan Airways.
Wish all people to find a new job quickly, at least the market now is not as bad as it was a 12-18 month ago.