More airlines are likely to succumb to the same fate as Cobalt Air this winter, leaving holidaymakers stranded, as carriers feel the pinch of rising oil prices and competitive fare pricing.
The airline advised that for refunds, you should contact your credit card provider or Travel Agent.
"We sincerely apologise once again and would like to thank our very loyal customers for their support over the last two years of Cobalt operations", read a statement from the airline.
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The airline has a staff of about 200, and had sought to fill a gap in Cypriot air transport following the demise of Cyprus Airways in early 2015, a state-controlled carrier that dominated mainly short routes from the island.
However, Cobalt confirmed that they are entering into administration and have cancelled all scheduled flights, warning customers not to turn up to any departure airport today (Thursday, 18 October).
The cancellations come less than a month after Danish budget carrier Primera Air stopped trading.
She said: "We thought it would be easier and less stress getting married overseas but it's a nightmare".
Local media said Cobalt had failed to reach a deal with a potential new investor.
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Sarah said she and David, of Southampton, had been up all night, desperately trying to book flights to make sure her family could be by her side.
Although Cobalt refused to comment on the rumors, sources within the company reportedly attributed the liquidity problems to difficulties faced by Chinese investors in exporting capital due to Chinese government restrictions.
Two travel agencies cypriots have received instruction to ensure that the procedure for the repatriation of passengers affected by the closure sudden Cobalt Air, and the number of which is not clear in the immediate future.
"We feel the need to help passengers who are stranded either in Cyprus or overseas and want to return to their place of residence", Transport Minister Vassiliki Anastassiadou said.
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