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End of the runway for Cyprus Airways

PRESS RELEASE

January 09, 2015: Following an in-depth investigation, the European Commission has concluded that a restructuring aid package of over €100 million for Cyprus' ailing flag carrier Cyprus Airways gave the company an undue advantage over its competitors in breach of EU state aid rules.

Cyprus Airways therefore needs to pay back all incompatible aid received, which according to the Commission's information amounts to over €65 million plus interest. In particular, the Commission found that Cyprus Airways had no realistic perspective of becoming viable without continued state subsidies.

Cyprus Airways response:

Following the adverse decision of the European Commission for Competition, issued today, on the application of the Republic of Cyprus of a Restructuring Plan for Cyprus Airways (Public) Ltd submitted in October 2013, the Board of Directors of Cyprus Airways has decided to initiate the procedure for voluntary liquidation and to that effect all necessary measures will be taken.

In the context of the above decision all operations of the company will be suspended as of the close of business today.

Cyprus Airways would like to warmly thank the millions of passengers who flew with the airline over the years, for their choice and support. Special thanks are also expressed to the staff of the airline as well as its associates, whose professionalism and dedication were always at the service of the passengers.

We are extremely honoured to have made a valuable contribution, over the last 68 years, to the development of the economy of Cyprus and its tourism industry in particular. We have flown the flag of our country worldwide with pride.

The government of Cyprus announced that it has decided to offer alternative arrangements to all passengers who have Cyprus Airways tickets. The cost of all alternative arrangements will be undertaken by the Republic.

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