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Mon, Dec 29, 2014

Cyprus Airways Possibly On Verge Of Closure

Must Produce Restructuring Plan, Other Documents By January 8

Cyprus Airways may be grounded early in January if it is unable to produce documents proving its financial viability to the Greek government by January 8.

The Cyprus Mail relays a report from the Kathimerini newspaper which indicates that the airline has until that date to delivery fully audited results for 2014 to authorities as well as evidence that it is a "going concern." The report did not cite a source for the demand.

According to the report, the European Commission is likely to say that state aid the airline received from the government in 2011 and 2012 was illegal, and that it must be repaid.

Nicos Christodoulides, a spokesman for the Greek government, said that the government has had no indication that the European Commission is about to force the airline to cease operations.

FMI: http://ec.europa.eu/index_en.htm

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