articles | 27 June 2014

Cyprus Airways close to finding investor

The process of finding a strategic investor for the island’s national carrier Cyprus Airways is nearing the end, its chairman said recently.

Tony Antoniou said potential investors had expressed interest and confidentiality agreements have been signed.

“There is interest. With good work and cooperation… I am optimistic that we can come with potential investors,” Antoniou told the Cyprus News Agency.

Antoniou said the process is nearing its end and should be completed as soon as possible.

The airline wants to finish the process before the European Union decides whether cash received from the state in the past constituted state assistance.

If the response is positive it means investors will be needed so that the company continues, Antoniou said.

Investors will also be needed if a negative response is given to have an alternative plan in place.

Antoniou said the company had sufficient liquidity for the next 12 months after selling its Heathrow timeslot to American Airlines for €22.9 million ($31 million).

Source: Cyprus Mail

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