XL operates four Airbus jets serving mainly cities in North America, and some destinations in China, and had around 730,000 passengers last year.
Its chief executive Laurent Magnin blamed in particular competition from its low-cost rival Norwegian in the US market for its financial troubles.
The airline's plight comes after France's second-largest airline, Aigle Azur, was shut down by a court on September 27 after also failing to secure any takeover offers. Aigle Azur operated 11 planes serving mainly Algeria, and had posted years of heavy losses despite transporting around 1.9 million passengers last year.