Cyprus Airways
As rumoured, it has now been confirmed that Cyprus Airways has sold it's last LHR slot to AA for $31m. As of 14/9 the only CY route to the UK will be to STN which will be substituted for LHR.
It is said that the slot had to be sold before the EU competition commission ruled as to whether the state aid paid to the airline over the past few years was legal. If it had been ruled illegal the slot value would have dropped to near zero as the cash strapped entity and the bankrupt state would have been unable to comply with any repayment order and bankruptcy been inevitable.
Previously PASIPY, the Cypriot pilot's union had stated their total lack of confidence in the airline's management and called for foreign experts and advisors to be called in to run the airline (foreigners - in a Cyprus public company? - unheard of). They also threatened to strike if the slot was sold!