Cyprus-Forum.com

by **supporttheunderdog** » Sat Jan 03, 2015 10:18 am

CSE will reportedly de list Cyprus Airways on 13th.

by **Paphitis** » Sat Jan 03, 2015 10:44 am

They might not even survive to the 13th.

There was an Australian Consortium that wanted to buy CyAir 2 or so years ago. They pulled out because of unionist obstructionists because they got wind of the complete overhaul plans which involved many retrenchments.

It's like getting a Titanic Ship without deploying a single life boat. Everyone goes down now. :roll:

I bet they would be begging now (for a take over). Only problem is, there is nothing left to take over.

by **supporttheunderdog** » Wed Jan 07, 2015 1:01 am

Just flew back with CY from UK. Stansted is the pits. Took over 30 minutes to get through security. Many of the security gates, as far as i could see more than half, were shut. Might be a complaint to the government for that. Then into a building site for a departure lounge with little major sign of improvement since November. Neither were CY's fault but a shoddy airport experience is not an encouragement to use them.

Flight itself OK, though we ended up sat on the plane an extra 30 minutes after landing at Larnaca due to a medical emergency, as cabin crew and later ambulance staff gave oxygen and what looked like heart massage to a passenger sat near the front. Again not a problem of CY making and indeed not a discouragement to use them.

We ultimately disembarked at the rear and were bussed to the terminal.I just hope person is OK, but when it gets to the massage stage it is not normally good.

Is that however prophetic for the airline?

by **Get Real!** » Wed Jan 07, 2015 2:27 am

supporttheunderdog wrote:Is that however prophetic for the airline?

I thought it was plastered all over the news for the past year that it's closing down and the government will be holding onto the name and logo... no?

by **Paphitis** » Wed Jan 07, 2015 2:29 am

Get Real! wrote:
supporttheunderdog wrote:Is that however prophetic for the airline?

I thought it was plastered all over the news for the past year that it's closing down and the government will be holding onto the name and logo... no?

They are in a lot of trouble mate.

An EU decision is pending tomorrow about the 80 million worth of aid they received from the RoC Government. If it is deemed anti competitive and illegal (highly likely) then CyAir have to pay this money back to the RoC Government. Probably instant bankruptcy for them.

by **supporttheunderdog** » Wed Jan 07, 2015 10:29 am

Get Real! wrote:
supporttheunderdog wrote:Is that however prophetic for the airline?

I thought it was plastered all over the news for the past year that it's closing down and the government will be holding onto the name and logo... no?

Indeed. The Government bought the name and logo a few weeks back and there are reports that due to failing to produce accounts (a) by 8th Jan the Ministry of Communications and Works would withdraw the operating License and (b) by 13th Jan the CSE would delist the shares. That is aside from the decision on the legality of certain funding to be made by the EU.

by **B25** » Wed Jan 07, 2015 10:52 am

Paphitis wrote:
Get Real! wrote:
supporttheunderdog wrote:Is that however prophetic for the airline?

I thought it was plastered all over the news for the past year that it's closing down and the government will be holding onto the name and logo... no?

They are in a lot of trouble mate.

An EU decision is pending tomorrow about the 80 million worth of aid they received from the RoC Government. If it is deemed anti competitive and illegal (highly likely) then CyAir have to pay this money back to the RoC Government. Probably instant bankruptcy for them.

Being already skint, with no assets, how can they repay €80m? I mean, if they had €80m they would not be in trouble would they??

by **Paphitis** » Wed Jan 07, 2015 5:52 pm

B25 wrote:
Paphitis wrote:
Get Real! wrote:
supporttheunderdog wrote:Is that however prophetic for the airline?

I thought it was plastered all over the news for the past year that it's closing down and the government will be holding onto the name and logo... no?

They are in a lot of trouble mate.

An EU decision is pending tomorrow about the 80 million worth of aid they received from the RoC Government. If it is deemed anti competitive and illegal (highly likely) then CyAir have to pay this money back to the RoC Government. Probably instant bankruptcy for them.

Being already skint, with no assets, how can they repay €80m? I mean, if they had €80m they would not be in trouble would they??

No they would still be in trouble but at least they would be able to buy some time and hopefully attract a buyer.

But unfortunately, there are no assets to sell. the aircraft are all leased and they just sold their most valuable Heathrow slots.

yeh mate, it's not looking good at all.