Cobalt Air Unable to Recover Losses as Passengers are Stranded in Cyprus
The recently incorporated new national airline of Cyprus has failed to reach a deal with any European investors and has unfortunately had to ground all flights and has reportedly told all staff members to stay at home.
Cobalt was based in Laranca airport but also flew out of Paphos to 24 destinations and employed 200 personnel. Please note, that bankruptcy has not yet taken place; they have currently canceled all future flights and have planned a shareholder meeting, to take place this week. Whether they will liquidate or not is still up for debate.
It is not known if they are unable to pay debts, or if they have capital and simply were not making profit. Whether they will try to continue to find investors or simply sell their assets and cut their losses has yet to be announced.
Are you a passenger with a scheduled flight with Cobalt Air?
If you are a passenger that has been affected by the news you will be entitled to a refund; however it may take several months to process. If you are currently stranded in Cyprus or waiting to return to Cyprus, we would recommend getting in touch with other airlines operating on your required route and ask for an economy ticket or a compassionate price. Other airlines such as WizzAir are taking advantage of Cobalts losses, offering discounted discounted tickets for those that are displaced.