Cyprus Airways‘ (Larnaca) management may be wanting that 2014 never ends. The airline could be facing a very uncertain future in 2015.
According to the Cyprus Mail, “Cyprus Airways could face imminent closure after the holidays if it fails to produce a credible restructuring program and prove its financial viability to the government, Kathimerini newspaper reported.”
The newspaper added further, “The airline must by January 8, 2015 present fully audited 2014 results to authorities, and provide evidence that it is a going concern for it to be allowed to continue to operate, Phileleftheros said in an unsourced report.”
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The airline and the government are under review by the European Commission for alleged state aid in 2012 and again in 2013. The EC is expected to rule in 2015 if this alleged state aid violated EU rules.
The government of Cyprus controls 93.67 percent of the company’s shares.
Copyright Photo: Paul Bannwarth/AirlinersGallery.com. The Cyprus Airways fleet has shrunk to just six Airbus A320s. Airbus A320-232 5B-DCJ (msn 2108) arrives in Zurich.
Cyprus Airways aircraft slide show: