Cobalt Air is seeking new investors amid financial difficulty: report

Cypriot airline, Cobalt Air, is reportedly facing financial problems as its Chinese investors are refusing to meet their financial obligations as they cut back on third country investments amid a trade war with the United States.

The airline has suffered a US$5.7 million loss as a result, according to the report, leaving it not choice but it initiate a search for new investors to help bring the carrier back to a "healthy" state.

The Ministry of Transport of Cyprus expects to find a workable solution, as it aims to continue supporting tourism in Cyprus.