The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Cypriot national carrier Cyprus Airways (CY) handed unions the outline of a rescue plan whcih includes pay cuts and 140 redundancies. The plan also envisages the rationalisation of flight schedules and scrapping of loss-making flights, reductions in overtime, and a freeze in new hires.
The implementation of the rescue plan is expected to yield savings of €42 million (€30 million through rescheduling of flights and €12 million through reduction in labour costs, of which €7 million from cuts in wages and €5 million will come from redundancies).
The government also intends to inject €20 million to assist CY, as a compensation for the extra cost incurred by the airline since 2004 due to a ban of using Turkish airspace.
Cyprus Airways rescue plan is implemented only a few months after the closure of another state-owned air flight company Eurocypria. It is the second rescue plan for CY after the restructuring in 2006 which led to the redundancy of about 380 workers.
Sources
25 January 2011: Stockwatch
Citation
Eurofound (2011), Cyprus Airways, Internal restructuring in Cyprus, factsheet number 71517, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71517.
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