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06/02/2012 12:12
The risk for Cyprus Airways is now visible, PASYPI announced today, commenting on the closure of the Hungarian MALEV last week.

“The company was 95% state, had 66 years of life and at the date of closure it employed 2,600 persons, had a fleet of 22 aircrafts, all leased, while before its closure there was an attempted effort for privatization due to its excessive debts (€200m) and the funds claimed by EU as illegal state subsidy (€345m)”, the trade union clarified.

“Except for the debts and the illegal state subsidy, similarities with our own reality are unfortunately more than obvious, while latest events clearly show that the risk is now visible”, it added.

“We feel somewhat lucky because we believe that there is still time for corrective moves and even luckier because we have the opportunity to get examples through the misfortune of other colleagues, who just happened to work in MALEV instead CAIR”, they stressed.

PASYPI said that it has expressed its views - both publicly and in private meetings - on the need to offer a majority stake and the way that the proper strategic investor must be found. “We are ready to contribute to achieve this difficult venture”, they concluded.