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Three investors interested in CAIR

25/05/2012 12:36
Three investors have expressed their interest in acquiring a majority stake in Cyprus Airways, according to its Executive Chairman, Giorgos Mavrocostas.

Speaking at a press conference, Mr. Mavrocostas avoided revealing their names but stressed that all three investors want a majority stake. Also, all three required the approval of the restructuring plan, which provides for savings of €17 million and redundancies of 247 employees.

Mr. Mavrocostas appealed for the approval of the plan and warned that if Cyprus Airways close, the loss in the state funds will reach €180 million and 400 thousand tourists will be lost this year.

CAIR Chairman stressed the need for a capital increase immediately. “If not all five trade unions agree with the new restructuring plan, the company will be forced to make its choices for survival”.

Mr. Mavrocostas reiterated that low-budget airline Ryanair is causing additional problems to the already existing ones.

“The competition is not fair. We are in consultations with the government to find a mutually acceptable solution”, he said.

The press conference was attended by Christos Agapiou, Commercial Director, Sophocles Tymbios, Finance Director and Kyriakos Kiriakou, CAIR Spokesman.