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A Cobalt A320 being towed at Athens International Airport. The airline flies to Larnaca, Paphos, and London Gatwick from Athens. (Photo: Konstantinos Chatzigeorgiandis)
[ Planes ]October 26, 2018 11:55 am ET
By Mateen Kontoravdis

Stuck in Cyprus: GECAS Unable to Repossess Cobalt Planes

Cyprus' Cobalt Air suspended operations indefinitely on Oct. 18, 2018, just days after it was reported that the airline was struggling financially. The 2017 Center for Aviation Start-up of the Year recipient left approximately 200 people jobless and six aircraft stranded at its hub at Larnaca International Airport in Larnaca, Cyprus. When an airline goes bankrupt, there are several options for the planes involved. If the airline or the government owned the aircraft, they could send it to storage for…