Cyprus Airways Scale Down

[TACAN]

Following continued heavy losses, Cyprus Airways have announced their latest regeneration plan -:

" CY is currently £40 million in debt and is expected to run out of cash by November if current heavy losses continued.

However, the 2,000 highly unionised staff are already viewing the plan, which among others, foresees the guaranteed layoff of 172 workers, while hundreds more could follow suit.

The plan covers five areas: flight network and fleet composition, commercial and billing policies, organisational structure, cost cutting and group company structure – subsidiaries.

The plan suggest the termination of three routes: Birmingham, Warsaw and Budapest as well as flight cuts to Manchester, Stansted, Amsterdam, Frankfurt, Damascus and Milan.

The company plans to sell its two A320 aircraft while more could follow if Hellas Jet, CY’s subsidiary in Greece, shuts down and its three A320s join the CY fleet.

CY aims in maintaining a fleet of 10 aircraft and enter alliances with other companies. "

As an EU member state, the looming threat of open competition in what is essentially a BA / CY closed market does not bode too well for the future of CY :sad:


TACCY

[Parapunter]

Two words: Euro Cypria. The single worst service it has been my misfortune to travel on. Nasty interiors, awful service, indifferent crew & sweltering temp in the cabin. Never again. Sorry to see them struggle, but they need to look around the market.

[privatejet]

please dont feel sorry for them they are not worth a cry,they had 40 years to succed ,now they deserve to go down.
40 years of stealing from people not to mention all their staff including their pilots they are only there because mumy and dady could fix it that goes for eurocypria as well lets see what mumy can do now.
by the way there are some interesting jobs in vietnam.

[TACAN]

There are many reasons why CY has been reduced to this siutation; union stranglehold, ineffective management, disastrous policy decisions, rampant nepotism... I could go on. But it is the 'national carrier' and as such needs to get in touch with the market, sort out the management and be brave enough to have a clean sweep of the dead wood - there is a whole forest here. Follow this link if you would like to read the full Mail article.

http://www.cyprus-mail.com/news/main.php?id=15501&archive=1

Taccy :ok:

[great expectations]

I am very sorry to hear about the losses of Cyprus Airways. As with any national carrier, the danger is that they can become a bit dated. Indeed, the nepotism doesn't help, and I cannot comment on Eurocypria as I haven't flown with them, but my mate is an FO with them. I find the A330 between LHR and LCA is the best service on that route, and I am myself interested in a LCA base as an FO, I'm currently LGW based, so I am very very interested to hear opinions on Helios and how they are doing. ;)

[Charlie Papa]

It does seem strange that they seem to have missed the opportunity to streamline in the past , especially with the arrival of the EU open skies..
Also , Rumours in the press about the creation of a new national carrier .. :confused:

[great expectations]

New national carrier? Pardon? Details????? :ok:

[cat 3a]

well said privatejet

If they didnt manage to make profit all this years with no other direct competition I cant see them surviving now

Too many people made too much money over the years
Tax payers money !!!

Latest rumour is that the staff might buy the company

[Eff Oh]

Great Expectations check your PMs

[johnwalton]

Two words: Euro Cypria.

I flew with them a few years ago when they still had 320s and thought they were pretty good. I've travelled with a lot worse.

[cat 3a]

any news on the final plan?

[OLNEY 1 BRAVO]

OLNEY 1 BRAVO junior just flew with them over the past couple of weeks and thought they were fine ... and he's picky at the best of times!

[Alpha Xray]

Having read the plan, it does not mention anything about management reduction. The Chairman changes every time there is a change in government, but the management team always remains the same.

Surely its the management's fault for allowing the airline to reach such a state.

[privatejet]

the laytest i heard and i know is true they will defenetly shut down hellas jet and as cy scales down,knowing the unions they will most deffenetly drag eurocypria down as well

anybody must be a foul to beleive they will go down just by themselfs while thier eurocypria friends say they are profitable to their expence(eurocypria heavily supsitized by cy on many services)
nice to see what competition does
:ok: