Published: Sat, October 20, 2018
Economy | By

Cypriot airline Cobalt cancels all flights from Stansted

Cypriot airline Cobalt cancels all flights from Stansted

But the only protection for anyone who made flight-only purchases is through credit or debit card providers or travel insurance policies.

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the airline's possible revival, telling state-run Cyprus News Agency late Thursday that the licensing authority already rescinded Cobalt's operating license.

The airline said it cancelled flights from just before midnight on October 17, "due to indefinite suspension of Cobalt's operations".

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.

Vassiliki Anastassiadou said Cyprus would cover the cost for passengers to return home up until October 24, while adding that this did not absolve the airline of its liabilities toward customers.

The couple jetted out to Cyprus last week to start preparing for their October 23 ceremony - but have been left in tears after finding out their guests' flights were canceled.

Cobalt, which operated flights to and from Heathrow, Gatwick, Manchester and Stansted airports, cancelled all flights from 11.50pm on Wednesday.

Passengers with outstanding tickets were urged not to go to Larnaca or any other airport, as no further departures were planned.

On Thursday the Cypriot transport minister emerged from an emergency meeting on the situation to say everything would be done to minimize the inconvenience for those stuck in Cyprus and overseas.

She said that Cobalt, in search of investors, now had four days in which to submit its financial balance sheet.

According to the Economy Today website, the company has only €15 million its accounts, which is expected to be used to pay Cobalt employees.

If you booked your flights directly through Cobalt's website, you do not have ATOL protection.

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

Roussounides said passengers were eligible for full refunds.

"We will provide assistance to customers who turn up at the airport tomorrow".

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