Cyprus prepares to bail out national airline

Cyprus Airways posted losses of €55.8 million last year

The government of Cyprus is prepared to inject €17 million into the national airline Cyprus Airways to prevent it from going bankrupt. The airline posted losses of €55.8 million last year.

The government is stepping in after talks with a Chinese investor appear to have failed, according to press reports. However, Cyprus will need clearance from the European Commission to implement the bailout.

A plan to restructure the airline will be presented to the commission in the near future, but the EC may well oppose the move. Earlier this year, in an inquiry into a “capital increase” at the airline, the commission said it doubted “whether these measures are in line with EU state aid rules”.

TTG Digital / The Sunday Times

[pictured: Cyprus Airways engine in sunset; photo courtesy Cyprus Airways]

x

Check Also

cruise, port, harbour, Oslo, Norway, halved, ships, turnaround, Per Erik Winther, manager, scandal, number, terminal, Royal Caribbean, build

Cruise visits to Oslo have halved. Why?

A former member of Oslo Cruise Network blames poor teamwork in Norway’s capital.

Bella, Copenhagen, center, mice, meetings, congress, 2018, biggest, Scandinavia, Denmark

Event kicks off big year for Bella Center

The almost 3,000 delegates now converging on Copenhagen are small fry compared to what’s coming.

Norway, winter, snow, mountains, avalanch risk, ski, sledding, weather, 2018

Ideal winter conditions in Scandinavia

It’s even possible to sunbathe in the mountains, a meteorologist claims.

Norwegian, Boeing 737-800, delivery, final, MAX, aircraft, type, low-cost, long-haul, flights

Norwegian’s last 737-800 delivery as MAX era starts

The airline takes delivery of its 100th direct-buy Boeing 737-800, an aircraft type that is already being replaced.

Nordica, Regional Jet, leasing, lessor, Estonia, LOT, Polish, Groningen, Tallinn

Estonian lessor expands its fleet

Regional Jet, founded by the national airlines of Estonia and Poland, will add two more planes to its fleet.

Norwegian Cruise Line, shipyard, NCL, Bliss, ship, build, launch, float out, Germany, sailings, mega-ship, karting, race track, Meyer Werft

First float-out for Norwegian Bliss

Norwegian Cruise Line’s new cruise mega-ship takes to the water ahead of its April launch.