Cobalt expresses regret as airline ceases operations

Cobalt, the largest Cyprus-based airline, suspended all its flights just before midnight on Wednesday, shortly after one of its planes from Heathrow landed at Larnaca International Airport.

All passengers who have booked tickets with Cobalt will receive compensation said the General Director of the Ministry of Transport Alekos Michailidis. 

Cobalt customers are advised to contact Top Kinisis Travel at 22869999 and Orthodoxou Travel at 24841100. 

Foreign travelers, including tourists and foreign students, who were waiting to catch a red-eye from Larnaca were told to check into hotels in the area for the night. Pilots and crew were also reportedly shocked as they did not expect the news.

Travelers who were planning on boarding a flight Thursday were told not to go to Larnaca International Airport or other departure locations as there are no flights or staff to accommodate them. They were also being advised to call their travel agents and credit card companies for refunds.

Cobalt has expressed great regret for the suspension of its operations, saying this is a “sad day” for employees and passengers alike. In a statement issued last night the airline said that in spite of arduous efforts to keep the airline flying, it was not possible to secure long-term financing.

“It is with great regret that we must inform you that COBALT Air will cease all operations at midnight on October 17th, 2018 and enter into administration process, after 2 years and 3 months of operations,” the statement said.

According to Kathimerini Cyprus, Cobalt was not planning to shut down for good but only suspending operations until a new investor could be found.

On Tuesday, reports said a deal was expected to change the shareholding structure of the company, as new investors would pursue majority stake in the firm.

But the deal fell through on Wednesday, leaving late night passengers stranded, some of whom had already checked in at LCA bound for Tel Aviv and Beirut. Stranded passengers elsewhere were being told to make arrangements on their own for one-way return tickets in economy class and keep their receipts for compensation purposes.

Cobalt employs a 280 strong crew of which 60 are pilots and co-pilots, 130 flight attendants and 90 technical and commercial personnel.

The Ministry of Transport announced that travel agencies Top Kinisis Travel and Orthodoxou Travel will be assigned to bring stranded passengers back to Cyprus.

Cobalt customers are advised to contact Top Kinisis Travel at 22869999 and Orthodoxou Travel at 24841100.