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CAIR regrets for leak of plan

14/11/2012 13:14
Cyprus Airways expressed its regret for the leak of its restructuring plan, five days after this was published in press.

According to the announcement, “despite the precautions taken, its restructuring plan prepared by AF Consulting Ltd, which pursuant to the provisions of the Supplementary Budget Law (No.4) of 2012 was sent confidentially to the House Finance Committee, was leaked to the media”.

The Company expresses its deep regret for this incident and clarifies to the investing public that the plan is still subject to approval by the competent authorities of the state and further elaboration by the Company itself. Therefore, any announcement on behalf of the Company on the provisions of the plan, it would be improper, inappropriate and misleading.

When and if the necessary approvals are secured, the Company will release announcements as required by legislation.

As StockWatch reported, the plan provides for a reduction in the number of employees by 407 persons, salary cuts and new working hours.