Cobalt Air Goes Into Administration, Flights Cancelled

Cobalt Air Goes Into Administration, Flights Cancelled

However, a Transport Ministry official put a damper on the airline's possible revival, telling state-run Cyprus News Agency late Thursday that the licensing authority already rescinded Cobalt's operating license.

Budget airline Cobalt has cancelled all flights after suspending operations overnight, leaving holidaymakers stranded.

Cobalt started operations in 2016 and meant to fill the void left by Cyprus Airways at Larnaca and quickly rose to become the second largest airline at Larnaca Airport.

Local media said Cobalt had failed to reach a deal with a potential new investor.

The Larnaca-based carrier warned ticketed passengers not to go to any departure airport as no flights will operate and no staff will be present.

In a statement, Cobalt Air called the shutdown "a sad day" for the airline and its employees after "working relentlessly during the last months to secure long-term financing".

The Cypriot transport ministry said in a statement that passengers would be compensated for one-way, economy class tickets on other carriers up until October 24.

The Cypriot airline, which operates services from Heathrow, Stansted and Gatwick, said that all flights were being cancelled as of 11.50pm on Wednesday.

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It is not yet clear how many passengers have been affected, but nine flights had been scheduled to arrive and nine to depart from Larnaca airport on Thursday.

"We sincerely apologise once again and would like to thank our very loyal customers for their support over the last two years of Cobalt operations", read a statement from the airline.

She said: "We thought it would be easier and less stress getting married overseas but it's a nightmare".

If you simply booked the flights online with a debit card, your chances of a refund are slim.

Although Cobalt refused to comment on the rumors, sources within the company reportedly attributed the liquidity problems to difficulties faced by Chinese investors in exporting capital due to Chinese government restrictions.

The Cyprus Mail said the airline's main backer is China's Avic Joy Air.

Transport Minister Vasiliki Anastasiadou said that any stranded passengers in Cyprus would be helped.

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