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Nine Companies Bid for Cyprus Airways

Cyprus_AirwaysNine companies have made non-binding offers for Cyprus Airways. Among them are Ireland’s Ryanair and Greece’s Aegean Airlines.
According to “Phileleftheros” newspaper, the deadline for bids closed on Wednesday and 9 out of the 14 companies that had expressed interest finally tabled proposals.

The article said the interested parties are concerned that Cyprus Airways is paying too much for pilot salaries and its six leased Airbus aircraft.
The bidders’ proposals include making Cyprus Airways a regional aircraft maintenance hub and increasing its fleet as it expands.

Ryanair CEO Michael O’Leary met with Cypriot officials in August and discussed how he could turn Cyprus Airways into a profitable company by increasing passenger traffic by 500% over three years.
He claimed that the two companies’ collaboration would lead to a rapid growth, with new routes and more flights.
Greek Aegean Airlines has also expressed interest to use Cyprus‘ Larnaca Airport as a second base outside Athens.
Cyprus Airways is facing major problems due to the Cypriot crisis and intense competition. The company has been selling off assets and reduced its fleet by six aircraft. The airline has also reduced its staff but failed to stem losses.

Cyprus Airways posted a net loss of €55.8 million for 2012, more than double the net loss of €23.88 million for 2011.

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