Cobalt Air: Budget Cyprus airline has collapsed - here’s how to get compensation
20 October, 2018, 23:54 | Author: Regina Silva
But the only protection for anyone who made flight-only purchases is through credit or debit card providers or travel insurance policies.
The sudden collapse comes after Danish budget carrier Primera Air ceased trading earlier this month, leaving thousands of travellers stranded overseas.
Cyprus-based airlineCobalt Air suspended all its operations indefinitely after failing to find new investors to keep it flying.
On Wednesday evening, the airline's low-priced has created the surprise by indicating in a brief statement on its website it was canceling all of its flights from 23H50 (20H50 GMT), due to an "indefinite suspension" of its operations.
The airline has a staff of about 200 and had sought to fill a gap in Cypriot air transport following the demise of state-run Cyprus Airways in early 2016.
More airlines are likely to succumb to the same fate as Cobalt Air this winter, leaving holidaymakers stranded, as carriers feel the pinch of rising oil prices and competitive fare pricing.
"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".
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According to Economy Today, the airline only has €15 Million on their account, which will be used to pay employees and workers. Cypriot travel agencies Orthodoxou Travel and Top Kinisis were authorized to book return flights.
If the company refused to speak officially on its financial position, sources within the company have attributed his problem of liquidity to the difficulties encountered by chinese investors to export their capital, due to restrictions imposed by Beijing.
It was not immediately clear what would happen with passengers with future bookings.
"We (...) feel the need to help the passengers stuck either in Cyprus or overseas, and who want to return home", stated the minister, calling the situation "unfortunate", especially at the end of a tourist season record.
The Cyprus Mail said the airline's main backer is China's Avic Joy Air.
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