BUSINESS

Vehicles block repossession of Cobalt planes

TAGS: Cyprus, Business, Transport

Pilots from the US, who came to Cyprus to repossess planes leased to Cobalt, were not allowed to fly them out, with the governments of the two countries being called to weigh in.

Airline captains from GE Capital’s Aviation Services (GECAS), an Irish-American commercial aviation financing and leasing company, came to Cyprus to take hold of the planes that were being leased to Cyprus-based Cobalt Air until the regional airliner was forced to suspend all operations due to financial difficulties earlier this month.

According to Cyprus Times, the pilots were shocked to find their planes blocked by vehicles, preventing any movement of their aircrafts.

The standoff has been taking place for five days, with reports saying the Transport Ministry is aware of the situation while the pilots have called on the American Embassy in Nicosia to assist with the repossession attempt of the planes.

The former Cyprus Airways which went bankrupt in 2015 was also leasing planes from GECAS, where the repossession was reportedly resolved in a matter of days.

Administrators and staff from the defunct former Cyprus Airways were taken in by Cobalt when the new company assumed operations two years ago. [Kathimerini Cyprus]

Online