Tag Archives: Cyprus Airways

Canadian conglomerate Triple Five expresses an interest in Cyprus Airways

Cyprus Airways (Larnaca) has announced it has received an inquiry for financial information from Canadian conglomerate Triple Five which has expressed an interest in acquiring a minority share in the financially-troubled flag carrier. The group will make a decision once the financial data has been evaluated.

Read the full report from Reuters: CLICK HERE

Cyprus Airways Slide Show: CLICK HERE

Cyprus Airways to be shut down unless they find a new investor

Cyprus Airways (Larnaca) will be shut down unless the struggling flag carrier can find a new group to invest $49.3 million in the company, according to Ta Nea, citing CEO George Mavrocostas. The airline is talking to interested parties.

Read the full report from Bloomberg: CLICK HERE

Cyprus Airways Slide Show: CLICK HERE

Cyprus Airways to add Athens-London Heathrow service on October 1

Cyprus Airways (Larnaca) has announced it will start nonstop Athens-London (Heathrow) flights with Airbus A320s starting on October 1.

Cyprus Airways Slide Show: CLICK HERE

Cyprus Airways loses $25 million in 2011, seeks additional investors and will cut labor costs

Cyprus Airways (Larnaca) lost around $25 million in 2011 and the flag carrier struggles to find additional investors while it attempts to cut labor costs.

Read the full story from the Cyprus Mail: CLICK HERE

Cyprus Airways Slide Show: CLICK HERE

Is Aeroflot interested in buying a share of Cyprus Airways?

Cyprus Airways Airbus A320-231 5B-DBD (msn 316) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) stock was suspended today due to a rash of rumors concerning the future of the flag carrier according to this report by Reuters. One rumor has Aeroflot expressing an interest in acquiring a share of the carrier. The government of Cyprus controls 69 percent of the cash-strapped airline.

The airline issued the following statement:

“Cyprus Airways Public Ltd in relation to today’s press reports on interest expressed by Aeroflot and Middle East Airlines and the State of Qatar for the acquisition of the Company and / or investment in, the Company states again to the investing public that so far no concrete proposal has been raised in either of the above alleged to be concerned or any other potential investor. ”

Read the full report: CLICK HERE

In other news, Cyprus Airways has announced a new codeshare agreement with Middle East Airlines (MEA) (Beirut).

Cyprus Airways Photo Gallery: CLICK HERE

Cyprus Airways to operate to the Greek islands

Cyprus Airways Airbus A320-231 5B-DBD (msn 316) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) from July 1 through September 9 will operate from Larnaca to Mykonos, Rhodes and Santorini (Thira) with Airbus A319s and A320s according to Airline Route.

Cyprus Slide Show: CLICK HERE

Cyprus Airways retires its two Airbus A330-200s

Cyprus Airways Airbus A330-243 5B-DBT (msn 526) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) has retired and parked its two Airbus A330-200s pending the return to ILFC. The retirement is part of the ailing airline’s restructuring.

In other news, Cyprus will again operate from Larnaca to London (Stansted), twice weekly on Mondays and Thursdays starting on December 19.

Cyprus Slide Show: CLICK HERE

Cyprus Airways to drop the Larnaca-Manchester route on October 30

Cyprus Airways Airbus A320-231 5B-DBD (msn 316) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) will drop the Larnaca-Manchester route on October 30 according to a report by Airline Route.

Cyprus Slide Show: CLICK HERE

Cyprus Airways’ European Destinations:

Cyprus Airways and Olympic Air move closer with a code-sharing agreement

Cyprus Airways Airbus A320-231 5B-DBD (msn 316) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) and Olympic Air (3rd) (Athens) will implement a new code-sharing agreement effective March 27.

Read the full story in the Cyprus Mail: CLICK HERE

Cyprus Airways Slide Show: CLICK HERE

Cyprus Airways could be forced to shut down at the end of April

Cyprus Airways Airbus A330-243 5B-DBT (msn 526) LHR (Antony J. Best), originally uploaded by Airliners Gallery.

Cyprus Airways (Larnaca) is seeking state aid of $20 million Euros or it will be forced to shut down at the end of April, according to Finance Minister Charilaos Stavrakis. The company is suffering because it must fly around Turkey which puts it at a disadvantage against competitors which can fly over Turkey.

Read the full story from FinancialMirror.com: CLICK HERE