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Cyprus's Cobalt goes into liquidation

Cobalt (CO, Larnaca) says it filed for voluntary liquidation as of December 19 with Stephen Michaelides of Grant Thornton Specialist Services having since been appointed liquidator.

The defunct Cypriot carrier said in a statement on its website that all further announcements regarding its clearance process, including the disposal of company assets, will be posted on its website.

Cobalt terminated operations on Thursday, October 18, after last gasp talks with investors failed to deliver the funds needed to maintain its Air Transport Licence (ATL).

Greek import/export firm Diversa SA subsequently showed an interest in acquiring the airline as part of its diversification strategy. However, its interest reportedly cooled after a due diligence of Cobalt's books showed liabilities of over EUR100 million euro (USD116 million).