Restructuring events
European Restructuring Monitor (ERM)
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 is to cut 490 jobs (or 50% of the company's working force). As announced, the previous restructuring plan (proposed in 2012 and affecting 407 employees) has been withdrawn and replaced by the new agreement.
The restructuring plan, which has been concluded after intense negotiations between the Government, Cyprus Airways and the trade unions among others, refers to wage cuts for the remaining staff (except for the pilots) and details of the severance package. Cyprus Airways fleet will be reduced from 10 to 6 aircrafts.
Cyprus Airways restructuring is aiming to save the national air carrier from bankruptcy. The company has been suffering losses of 55.8 million in 2012 and 23.9 million in 2011. For a previous restructuring plan seeCyprus Airways- 2011.
Updated, 18/06/2013: As announced the restructuring plan refers to 420 compulsory redundancies and 68 voluntary ones. Out of the 420 job cuts, 203 ones have been already implemented and the rest will take place in two months.
Eurofound (2013), Cyprus Airways, Internal restructuring in Cyprus, factsheet number 75234, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75234.