Cypriot budget airline Cobalt has suspended operations

Low-cost carrier Colbalt has operating flights out of Cyprus since 2016

But the Cypriot transport ministry said passengers expecting to fly with Cobalt on Thursday should secure one-way tickets in economy class from another airline and keep their receipt to be reimbursed.

The low-priced carrier, which operated flights to Stansted, Gatwick and Heathrow in the United Kingdom, said all flights would be cancelled from 23:50 on Wednesday night.

In a surprise announcement posted on its website late Wednesday, the airline said it was canceling all flights from shortly before midnight "due to indefinite suspension of Cobalt's operations".

Cyprus-based airline Cobalt Air says it has indefinitely suspended all of its operations amid a struggle to find investors.

There was speculation that it was facing cash-flow problems after two of its aircraft were grounded for two days.

Reportedly, the company had only 15 million euros left in its accounts, which it needed to pay its 200-air crew and 50 ground staff.

Cyprus's transport minister Vassiliki Anastassiadou said alternative arrangements would be made, the semi-official Cyprus News Agency reported.

"As a result, future flights or services provided by Cobalt will be canceled and will no longer operate".

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The news follows the collapse of Nordic airline Primera Air earlier this month.

The airline advised that for refunds, you should contact your credit card provider or Travel Agent.

Its last ever United Kingdom flight was a departure from London Heathrow at 6pm last night - which landed in Lamaka shortly before 10pm.

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

According to the airport authorities, passengers informed of the cancellation of their flight have preferred not to go to the place, which has avoided a movement of panic in the terminal.

The start-up airline, which was founded after the closure of the country's long-established carrier Cyprus Airways, had been in operation since 2016.

The company's main shareholder, AJ Cyprus, owned by Chinese Avic Joy Air, holds a 49% stake in Cobalt Airways.

Thousands more holidaymakers have had their plans thrown into disarray after a Cypriot airline cancelled all its flights.

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