Cyprus-based airline Cobalt Air says it has indefinitely suspended all of its operations amid a struggle to find investors.
A senior executive from the airline, Philokypros Roussounides, told AP on Thursday that Cobalt's six Airbus passenger jets have been grounded. Cobalt flies to 22 destinations in Europe and the Middle East.
Roussounides said there’s still interest by some companies to invest in the airline because of its successful branding, strong reputation and high level of services.
Roussounides said passengers were eligible for full refunds.
Cobalt Air began flying in 2016 in the wake of the collapse of national carrier Cyprus Airways. It was recognized as the best startup airline for 2017 by industry analysts CAPA-Centre for Aviation.