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.
Cyprus Airways, the national air carrier of Cyprus, ceased operations on Friday, the 9th of January 2015. All its 560 employees were dismissed with immediate effect. The government of Cyprus announced the closure of Cyprus Airways after the European Commission ruled that €65 million of over €100 million received by Cyprus Airways in government support was in breach of EU state aid rules and has to be paid back.
Cyprus Airways was led to discontinue operations as it is not able to pay back the €65 million plus interest of government support. On the same day the Board of Directors of Cyprus Airways initiated the ‘procedure for voluntary liquidation’. The government announced its intention to establish a new private air carrier, which will use the brand logo and name of Cyprus Airways.
Cyprus Airways employees' unions met with the president and agreed that the dismissed employees would receive full benefits, including their provident funds. According to the government Cyprus Airways provident fund currently registers a deficit of €14 million.
Sources
9 January 2015: SIGMALIVE
9 January 2015: O Phileleftheros
10 January 2015: O Phileleftheros
9 January 2015: Cyprus Mail
Citation
Eurofound (2015), Cyprus Airways, Closure in Cyprus, factsheet number 78093, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78093.
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