Airline flops as hunt for backer fails

HUNDREDS of passengers have been left stranded after Chinese-backed Cypriot airline Cobalt crashed into administration.

The budget airline launched just two years ago, but went bust after talks to find a new investor fell through.

Cobalt, which was backed by China’s Avic Joy Air, operated flights to 23 destinations in Europe, including Heathrow, Stansted, Gatwick and Manchester, as well as Russia and the Middle East.

It employed about 200 people and has a fleet of six Airbus A320s under lease.

As spokesman said: ‘It is a sad day. The company has been working relentlessly to secure long-term financing.’