Aeroflot to buy Cyprus Airways?
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Aeroflot to buy Cyprus Airways?
ekathimerini.com | Nicosia approves sale of Cyprus Airways
According to a report in a Cypriot newspaper, struggling Cyprus Airways is close to being acquired by another carrier; although MEA is named in the attached article, Aeroflot is now reported to be the interested party. No price is being mentioned, but with losses of €30m last year, the price is not likely to be high. Cyprus is very popular with Russian tourists, although CY has to take a wide detour due to the political issues with Turkey.
CY operates 4 A319s and 7 A320s, with 2 A321s soon to be acquired for use on its busiest routes (LHR/ATH), replacing two previously operated A330s.
JetPhotos.Net Photo » 5B-DCG (CN: 4197) Cyprus Airways Airbus A320-232 by John Fitzpatrick
According to a report in a Cypriot newspaper, struggling Cyprus Airways is close to being acquired by another carrier; although MEA is named in the attached article, Aeroflot is now reported to be the interested party. No price is being mentioned, but with losses of €30m last year, the price is not likely to be high. Cyprus is very popular with Russian tourists, although CY has to take a wide detour due to the political issues with Turkey.
CY operates 4 A319s and 7 A320s, with 2 A321s soon to be acquired for use on its busiest routes (LHR/ATH), replacing two previously operated A330s.
JetPhotos.Net Photo » 5B-DCG (CN: 4197) Cyprus Airways Airbus A320-232 by John Fitzpatrick
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Bit like the Germans & Majorca then, they asked the Spanish state to buy it, they said no, so they do metre by metre.
Could be "handy" that, owning an airline in Cyprus (which if my memory is correct is in the EU
) that "loses" money . . . . . . . . . very handy.
Could be "handy" that, owning an airline in Cyprus (which if my memory is correct is in the EU
) that "loses" money . . . . . . . . . very handy.
The link below gives information on the latest manoeuvres to try to stave off bankruptcy for a while longer.
Cyprus Airways - Cyprus Mail
Basically the pilots union wants a new board as they think the current one is only driving the carrier further into the wall with an ill conceived restructuring. The disagreement has escalated with first the pilots then the company taking half page paid advertisements accusing/refuting allegations from the other side.
Earlier this week the government voted to "subsidise" CY to the tune of €5.3m for their inability to overfly Turkey.
Meanwhile CY are awaiting the delivery of 2 ex MEA A321s on lease from ILFC the first being due on 1/7. Unfortunately as can be seen from their on-line timetable the first one, at least, should have been in service from the beginning of this month leading to re-bookings and/or transfers to other airlines where the booked load exceeds the capacity of the A320 substitute.
Being one of the last fully state owned airlines in the EU is doing them no favours with ever increasing competition from the LOCOs such as Ryanair, EasyJet, Jet2 and the Russians etc. CY has long been known as a haven for Civil Servants on top wages and conditions who have risen to the level of their own incompetence and still have a huge staff/aircraft ratio. With a communist lead government any staff/conditions reduction is bound to be met with great resistance from government and workers alike.
The pilots probably have a point but whether anyone will listen before it is too late remains to be seen.
Cyprus Airways - Cyprus Mail
Basically the pilots union wants a new board as they think the current one is only driving the carrier further into the wall with an ill conceived restructuring. The disagreement has escalated with first the pilots then the company taking half page paid advertisements accusing/refuting allegations from the other side.
Earlier this week the government voted to "subsidise" CY to the tune of €5.3m for their inability to overfly Turkey.
Meanwhile CY are awaiting the delivery of 2 ex MEA A321s on lease from ILFC the first being due on 1/7. Unfortunately as can be seen from their on-line timetable the first one, at least, should have been in service from the beginning of this month leading to re-bookings and/or transfers to other airlines where the booked load exceeds the capacity of the A320 substitute.
Being one of the last fully state owned airlines in the EU is doing them no favours with ever increasing competition from the LOCOs such as Ryanair, EasyJet, Jet2 and the Russians etc. CY has long been known as a haven for Civil Servants on top wages and conditions who have risen to the level of their own incompetence and still have a huge staff/aircraft ratio. With a communist lead government any staff/conditions reduction is bound to be met with great resistance from government and workers alike.
The pilots probably have a point but whether anyone will listen before it is too late remains to be seen.
