Business & Economy

CYPRUS: Defunct Cobalt Air goes into liquidation

10 January, 2019

Cypriot carrier Cobalt has gone into liquidation with Stephen Michaelides of Grant Thornton being appointed as the official receiver.

According to information disclosed by the company, notices relating to the winding up procedures, including announcements for the disposal of assets of the company, will be posted on its website.

Those interested in further information are invited to contact the Clearinghouse office at 22600000 or at [email protected] or by post at 41-49 Agios Nikolaos, Nimeli Court, Block C, Engomi 2408, PO 23907 , 1687, Nicosia, Cyprus

Cobalt closed down in October last year after accumulating debts of over EUR 100 mln with the Cyprus authorities stepping in and revoking its license.

The airliner at the time had a significant share of the traffic to and from the island carrying 120,000 passenger annually, a void yet to be filled by other airliners.

Cobalt was launched only in 2015 with its flight schedule from Cyprus commencing in July the following year. The company came to fill the void created after state-owned Cyprus Airways went bankrupt in January 2015. Cobalt went on to become the island's biggest airliner.

Employing many pilots from the defunct national carrier, Cobalt was operating 13-15 flights daily, carrying up to 3,000 passengers to 23 destinations including Athens, Beirut, Heathrow, Paris and Tel Aviv.

Rumours that the company was to stop operations started circulating in October when its Chinese investors left Cobalt, but the airline denied the speculation.

On October 17, the company announced immediate termination of its flight schedule calling on passengers not to go to the airports as all flights were cancelled.