In relation to today’s reports in the electronic and daily press on the Restructuring Plan of Cyprus Airways from Air France Consulting Ltd, Cyprus Airways Public Ltd would like to inform the investing public that:
Pursuant to the provisions of the Supplementary Budget Law (4) of 2012 and within the time frameworks set by the Law, Air France Consulting Ltd prepared a Restructuring Plan, which has been approved by the Board of Directors unanimously at a meeting held on Wednesday. Pursuant to the provisions of the Law, the Board of Directors submitted the Plan to the House Finance Committee yesterday so that it is promoted to the plenary for approval.
It is emphasized that the Plan is subject to a prior approval by the Parliament and the Company, based on the CSE Regulations, will release an announcement when a conclusion is reached.
In that regard, it is stated that the Plan determines the structural measures and the strategic planning so that the Company becomes competitive and profitable, including measures aiming at increasing its revenues such as the addition of new profitable destinations, the reduction of the operating cost, the reduction in the number of staff, the adjustment of salaries to the levels of competition, the elimination of anachronistic distortions from the union contracts and the establishment of new working hours.
Pursuant to the provisions of the Supplementary Budget Law (4) of 2012 and within the time frameworks set by the Law, Air France Consulting Ltd prepared a Restructuring Plan, which has been approved by the Board of Directors unanimously at a meeting held on Wednesday. Pursuant to the provisions of the Law, the Board of Directors submitted the Plan to the House Finance Committee yesterday so that it is promoted to the plenary for approval.
It is emphasized that the Plan is subject to a prior approval by the Parliament and the Company, based on the CSE Regulations, will release an announcement when a conclusion is reached.
In that regard, it is stated that the Plan determines the structural measures and the strategic planning so that the Company becomes competitive and profitable, including measures aiming at increasing its revenues such as the addition of new profitable destinations, the reduction of the operating cost, the reduction in the number of staff, the adjustment of salaries to the levels of competition, the elimination of anachronistic distortions from the union contracts and the establishment of new working hours.
Friday, 9 November, 2012 - 12:32