Serious financial problems threatening Cypriot airline Cobalt after the Chinese government decided to freeze foreign investments. According to Economy Today, the “hole” in the company’s finances reaches €5 million, with some of the existing shareholders of Chinese origin refusing to meet their obligations.
The problems could be related to instructions given by the Chinese government to freeze investments in foreign countries after the “economic war” declared by U.S. President Donald Trump.
The airline is looking for potential investors to fill up the gap and to return the airline into black figures. The management is confident that it will find new investors very soon.
The airline currently serves 23 destinations in 13 countries with 2 Airbus A319 and 4 Airbus A320 aircraft. It intended to launch long-haul flights as well, especially to China.