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Cyprus Airways needs partner to keep it going

18 June 2014

The Greek Cypriot Communications Minister Marios Demetriades has said that unless Cyprus Airways (CY) finds a strategic partner, it will close down, ‘Famagusta Gazete’ reports.

Reporting to a parliamentary committee, the minister said that CY has sold off all it main assets apart from one plane. CY operates six planes, five of which are leased.

Meanwhile, the ailing airline has defended the sale of their last landing slot at Heathrow, insisting the cash made from the deal will keep the company operating until 2015. But the pilots union have accused management of stripping the company of its remaining assets. They also say that it is doubtful the company could compete with other budget airlines based at Stansted.

Cyprus Airways announced on Monday that it had reached final agreement with American Airlines over the sale of its Heathrow airport slot.

The airline will be getting 31 million dollars which management said would “enhance the company’s liquidity for 2015”.

All flights scheduled to London Heathrow will continue until 13th September and then will switch to Stansted on 14th September.

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