Cobalt Air seeking new investors as finances strained

posted on 15th October 2018 by Justin Burns
Cobalt Air seeking new investors as finances strained

Cypriot airline Cobalt Air is facing financial problems and seeking fresh investment as its Chinese investors are refusing to meet their financial obligation, according to reports.

China is reportedly cutting back on third country investments as it looks to safe cash due to an ongoing trade war with the USA.

Cobalt Air has suffered a $5.7 million loss as a result, reports claim, and has had to search for new investors to help bring the carrier back to a “healthy” state.

The Ministry of Transport of Cyprus said that it expects to find a “workable solution”, as it aims to continue supporting tourism in Cyprus.