Cobalt Air suspends flights

Shn99

Flights grounded from midnight
​​​​​​​https://cyprus-mail.com/2018/10/17/cobalt-flights-grounded/

Noxegon

Cue FR rescue fares from PFO (ninety minutes away) in 3, 2, 1...

Shn99

moloner4 wrote: »

Celio, Primera and now Cobalt gone other.

WOW/Norwegian next? The rising price of fuel will be the death of a lot of airlines.

WOW axed 5 US routes today..including JFK, Its a worrying sign and we havent even reached the crucial Janaury-March period...

Shn99

moloner4 wrote: »

From what i remember isn't October/November the months where airlines hit the walls as they aren't getting much more booking and cash in the bank is at it's lowest for airlines? As after Christmas income starts coming in for summer holiday? I'm open to correction on this point.

Your probably right tbh, I wouldnt have much of an idea. WOW are planning to go public to try and raise cash

BZ

Shn99 wrote: »

Your probably right tbh, I wouldnt have much of an idea. WOW are planning to go public to try and raise cash

Could FlyBE be next? They have issued a profit warning with losses expected to in around £22 million this year.

nim1bdeh38l2cw

This speculation of who's next isn't very helpful

nim1bdeh38l2cw

moloner4 wrote: »

Neither is airlines selling tickets when they damn well know they won't be here next year.

And you've proof of this?

LXFlyer

moloner4 wrote: »

Neither is airlines selling tickets when they damn well know they won't be here next year.

Are you suggesting that these companies are engaged in reckless trading? That’s a big accusation to make. Ending up in liquidation is not something any company wants - and it’s the last resort.

Let’s be honest most companies that do end up being wound up will have made every effort to resolve their financial problems beforehand.

They certainly don’t “know” they will not be in business next year unless they are engaging in reckless trading, which is a criminal offence.

I don’t know of any company that warns customers that they may go into liquidation in advance, leaving aside those that seek to be restructured through examinership.

anewme

Very sad to read this about Cobalt air. travelled Dublin to Larnaca with them only 2 weeks ago and they were really good. I felt the service provided was way above the cost of the ticket. If anything I felt the ticket was underpriced. Staff onboard were fantastic.

Reading the onboard magazine, they were entering into a collaboration with Ethiad and all was on the up.

It would be great for them to get through this.

john boye

anewme wrote: »

Reading the onboard magazine, they were entering into a collaboration with Ethiad and all was on the up.

That's usually a warning of imminent doom rather than things being on the up!

anewme

john boye wrote: »

That's usually a warning of imminent doom rather than things being on the up!

Not sure how?it looked like a new opportunity fir expansion.

I see it's broken now they are officially gone.

Very sorry for the staff, they were lovely.

EchoIndia

What may their last flight is just landing now at Larnaca - FCB327 from LHR.

What Username Guidelines

moloner4 wrote: »

From what i remember isn't October/November the months where airlines hit the walls as they aren't getting much more booking and cash in the bank is at it's lowest for airlines? As after Christmas income starts coming in for summer holiday? I'm open to correction on this point.

Sounds right. Did some work for easyJet and their busiest day for online bookings was Jan 2nd. Back to work crowd needing something to look forward to. AFAIR, Oct/nov were lighter months as people tightened their belts for Xmas.

LXFlyer

moloner4 wrote: »

This didn't happen over night. Not being able to pau lease payments , cssh flow crisis and carrying over losses. There were plenty of public warning signs this was coming, google cobalt air finances over the last few months.
Here's an article from yesterday showing plenty of people knew it was coming, but they were still selling tickets an hour before i checked.
https://cyprus-mail.com/2018/10/16/cobalt-reported-to-have-problems-with-backers/

I’m sorry to repeat this, but what company do you know ever stops trading before they announce they go into liquidation??

The company was trying to restructure - in other words stay trading. That’s a hell of a difference from what you’re suggesting which is effectively accusing them of reckless trading.

Liquidation is always the final step and is not one taken lightly.