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  • nordjet415
    Rank 5 Registered User
    • Oct 2005
    • 133

    More Cyprus Airways news

    Hi Members

    As promised, a further update on Cyprus Airways

    The Cyprus Government have announced plans to buy Eurocypria Airlines but
    no decision has yet been taken on whether to close Cyprus Airways but the Cyprus Airways unions have been given a few days to accept or reject the plan,

    The airline, ( Euro Cypria ) which employees around 150 people and has four aircraft, is said to be worth in the region of 15 million. and is a profitable operation, Pilots and crews are on less salaries than their compatriots at Cyprus Airways.
    Under the restructuring plan for Cyprus Airways, Eurocypria operations would be merged with CY to save overall costs for the group, but a contingency plan to separate the smaller airline must be made because, if Cyprus Airways closes, so will Euro Cypria as its subsidiary.

    No decision has been taken to close Cyprus Airways but if Cyprus Airways closed next week, the Eurocypria buy out would have to go ahead as soon as possible, the decision to buy Eurocypria had to be made to safeguard the economy because Cyprus needs to have its own airline.

    Cyprus Airways can only survive if the rescue plan is implememnted and the unions are now being pressured to accept the plan. This would be the first time that the Cyprus Government has stood up to the unions at Cyprus Airways, in the past the unions have managed to get their way.

    Cyprus Airways has sustained massive losses in the past two years as a result of poor management and inefficient working practices, something that will need to change very quickly if the airline is to survive.

    more updates when I get them

    Regards and Happy new Year

    Nordjet 415
  • SHAMROCK321
    Rank 5 Registered User
    • Jan 2004
    • 2544

    #2
    If they close CY I wonder how quickly their A330s will be snaped up?

    Comment

    • Humberside
      Senior Member
      • Oct 2004
      • 1915

      #3
      Probably very quickly. Are they series -200 or -300?

      Comment

      • Spence_CWL
        Senior Member
        • Jul 2004
        • 465

        #4
        Originally posted by Humberside
        Probably very quickly. Are they series -200 or -300?
        -200 with 295 seats in two classes.

        Comment

        • Humberside
          Senior Member
          • Oct 2004
          • 1915

          #5
          Thanks. Could be of interest to bmi maybe?

          Comment

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