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Cyprus Airways may suspend operations

Cyprus Airways may suspend operations

April 08
17:48 2013

Cyprus Airways may suspend operations following record losses. The Minister of Communications and Works Tasos Mitsopoulos said today that the state could not support it financially or cover it legally.

Mr Mitsopoulos noted that South Cyprus was legally exposed to the EU, adding that the government is being questioned about the assistance it has given to the company and the EU has called on the government to cease any form of cash flow to the company.

He said that other ways to support the company must be found as soon as possible, if the company was to continue to operate, and expressed hope that its Board of Directors would reach an agreement with prospective strategic investors, such as the Middle East Airlines and a conglomerate of Chinese investors.

 

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