Yesterday’s reports in the daily press say that Cyprus Airways is on the verge of closing and ready to launch a successor carrier.
The Company clarifies the following:
Within the framework of the investigation carried out by the European Commission against the Republic of Cyprus in relation to the financial aid granted to the Company during the period 2012-2013, the Competition Directorate-General of the European Commission is currently examining the revised restructuring plan. The documents that the Company and the Government submitted to the European Commission in cooperation with their legal advisors in Cyprus and Brussels contains strong arguments as to the legality of the financial aid granted to the Company by the Government and outlines the exceptional case of the occupied Cyprus and the subsequent unfavourable position of the national carrier, which is of vital importance for the state.
There are indications allowing restrained optimism for the outcome of the procedure so that the Company proceeds with a full implementation of its plans based on the restructuring plan and becomes viable. Certainly, the Company must be prepared to accept a possible non-approval of the restructuring plan by the European Commission. Towards this direction, the Company is precautionary examining a Plan B, including the reactivation of the subsidiary Cyprair Tours in the sector of air transport.
The Company clarifies the following:
Within the framework of the investigation carried out by the European Commission against the Republic of Cyprus in relation to the financial aid granted to the Company during the period 2012-2013, the Competition Directorate-General of the European Commission is currently examining the revised restructuring plan. The documents that the Company and the Government submitted to the European Commission in cooperation with their legal advisors in Cyprus and Brussels contains strong arguments as to the legality of the financial aid granted to the Company by the Government and outlines the exceptional case of the occupied Cyprus and the subsequent unfavourable position of the national carrier, which is of vital importance for the state.
There are indications allowing restrained optimism for the outcome of the procedure so that the Company proceeds with a full implementation of its plans based on the restructuring plan and becomes viable. Certainly, the Company must be prepared to accept a possible non-approval of the restructuring plan by the European Commission. Towards this direction, the Company is precautionary examining a Plan B, including the reactivation of the subsidiary Cyprair Tours in the sector of air transport.
Wednesday, 11 September, 2013 - 14:13