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DFDS to acquire Turkey's U.N. Ro-Ro
COPENHAGEN: April 18, 2018. European short-sea RoR...

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Etihad Cargo supports bustard relocation
ABU DHABI: April 18, 2018. In the past three years...

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New CMA CGM rail link between UK and China
LONDON GATEWAY: April 18, 2018. GB Railfreight, ow...

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Dutch add more short-sea capacity to London
LONDON: April 18, 2018. Dutch-based A2B-online Con...

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Saudia Cargo gets new CEO
JEDDAH, Kingdom of Saudi Arabia: April 17, 2018. F...

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Turkish Cargo to introduce new routes
ISTANBUL: April 17, 2018. Turkish Cargo is to begi...

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South Carolina opens second inland port
DILLON, SC: April 16, 2018. The South Carolina Por...

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North Sea Port reports increase in first combined traffic
GENT, Belgium: April 16, 2018. North Sea Port (NSP...

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Delta Cargo up 23 percent in Q1 2018
ATLANTA: April 12, 2018. Delta Air Lines has repor...

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DFDS to acquire Turkey's U.N. Ro-Ro
Etihad Cargo supports bustard relocation
New CMA CGM rail link between UK and...
Dutch add more short-sea capacity to London
Saudia Cargo gets new CEO
Turkish Cargo to introduce new routes
South Carolina opens second inland port
North Sea Port reports increase in first combined...
Delta Cargo up 23 percent in Q1 2018...

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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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