articles | 25 July 2014

Aegean shows interest in Cyprus Airways

On the last day for expressions of interest, Aegean Airlines submitted its intention to bid for the sale of Cyprus Airways (CY) or its assets to new investors.

Aegean announced on Wednesday that depending on the process set by the Cyprus government and after the evaluation of data, it will decide its next steps.

The government had officially put its 94% controlling stake in CY up for sale with advertisements in the local press last week, inviting investors to submit expressions of interest to buy the shares or any of the company’s assets.

The government has set as a term for investors that the company keeps flying from Cyprus.

The sale of the company is deemed necessary to secure its viability, since it has been facing serious financial difficulties and to avoid any further bailout.

CY gradually sold all of its other assets, including three timeslots at London’s Heathrow airport – the first was sold three years ago for €22m, the second in March for €6.3m to Lebanon’s Middle East Airlines and the third only last month to American Airlines for €22.9m – as well as head offices in Nicosia and Athens.

Source: Cyprus Mail

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