‘Hefty job cuts, sale of assets needed to save Cyprus Airways’

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The survival of Cyprus Airways requires hefty job cuts and the sale of its remaining assets, the chairman of the carrier’s board Marinos Kallis told lawmakers on Tuesday.
With the threat of a negative ruling by the European Competition Commission over some €80 million in state funding it received in recent years looming large, the airline must implement a demanding restructuring plan in a few short months, after years of partial implementation.
“The goal is to restore profitability and strengthen the case before the European Competition Commission ahead of its ruling,” Kallis told the House Ethics committee.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]