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CAIR wants new support of €73m

14/12/2012 13:43
Cyprus Airways requested €73 million from the Ministry of Finance in order to get on a sustainable course.

During the examination of the request for the release of €16.3 million for the capital increase of the national carrier, the company - as mentioned in the closed session of the House Finance Committee - sent a letter to the Finance Ministry seeking state grant of €73 million.

The request was examined by the competent department of the European Commission.

According to Chairman of the Board of Directors of CAIR, Stavros Stavrou, the experts who prepared the restructuring plan said that in order to become viable the company needs €105 million, including the €31 million requested in 2012 from the state.

The Parliament approved the €15 million and froze the rest until it secures further information on the situation in CAIR and the interest of strategic investors for the state-owned carrier.

Mr. Stavrou expressed optimism that with the help of the Parliament and the government, the company will not put a padlock.

CAIR showed losses of €32 million in the first half of 2012 compared to €29 million last year.