CYPRUS: Greek company eyes collapsed airline Cobalt

Greek company Diversa is in negotiations with Cyprus-based airline Cobalt for a possible takeover after it went bankrupt on October 17.

Diversa announced on the Athens Stock Exchange that it is looking into the possibility of buying a 100% of the Cypriot aviation company and taking over its operations.

"According to a decision of the Board of Directors of the Company, Diversa SA is investigating, in cooperation with its authorized consultants, the possibility of the acquisition of Cobalt New Age Airlines Group Limited, which owns 100% of the shares of the airline Cobaltair LTD, based in Cyprus, which ended its flight schedule last month (October),” said the announcement.

Diversa said it is looking into ways of taking over the responsibility of a loan taken out by Cobalt’s parent company.

According to Diversa, after identifying the required funds for the investment in question and taking a decision for the realisation of the acquisition, it will specify the manner of financing and the operational and financial changes that will take place in the company.

Diversa’s move is part of a broader reorganisation plan to expand its scope of operations.