articles | 15 January 2015

CY name and logo up for sale

Cabinet recently gave the green light for the state to launch a search for a private investor to purchase the logo and name of the recently defunct Cyprus Airways.

Speaking to the media, government spokesman Viktoras Papadopoulos said the aim is to create employment positions for the former staff of CY and to increase Cyprus’ connectivity with other countries.

“Any efforts in this direction must take place as soon as possible as the commercial value of the airliner’s name and logo will depreciate with the passing of time.”

The spokesman added that the state will be appointing legal and financial advisors to oversee the procedure. There seems to be nobody immediately interested in buying the name.

Earlier in the week, the government pledged that all 550 Cyprus Airways staff that have been dismissed will be fully compensated while the state will be contributing over €14 million to cover gaps in the employees’ provident fund.

The state-owned national carrier was closed down on Friday after being deemed unable to pay back over €65 million in illegal state aid.

Source: InCyprus

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