Cobalt has cancelled all flights from midnight on October 17th according to a statement on its website.
The carrier, which has operated flights in and out of Cyprus since 2016 – including flying UK holiday-makers to the island – has suspended operations.
Local media said Cobalt had failed to reach a deal with a potential new investor.
The Cyprus Mail said the airline’s main backer is China’s Avic Joy Air. The airline’s statement said future flights would not operate due to “indefinite suspension of Cobalt’s operations“, and advised passengers not to go to the airport.