Monday March 2, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Deadline looms for struggling Cyprus Airways

Potential buyers of Cyprus Airways have until Wednesday to submit nonbinding offers for the loss-making national carrier, with Ryanair and Aegean Airlines in the running.

Ireland’s budget carrier Ryanair said last week that it was ready to submit a firm offer for Cyprus Airways, before the government extended last Friday’s deadline for nonbinding offers to Wednesday.

Although it made no official statement on the deadline extension, local media quoting official sources said it was to allow more time for the 14 interested suitors to put in a bid.

Some of them had reportedly complained they did not have access to questions raised and answers provided to rival bidders.

Earlier in August, Ryanair CEO Michael O’Leary met with Cypriot officials and proposed how he could turn the airline into a profitable operation by increasing passenger traffic by 500 percent over three years.

He said that with the help of his low-cost airline Cyprus Airways would experience rapid growth with new routes and more flights, increasing passenger numbers to 3 million a year from the current average of 500,000.

The recession-hit government owns 93 percent of troubled Cyprus Airways and wants to offload it.

Greece’s Aegean Airlines, which has also held talks with government officials, is seen as another serious contender as it aims to use Larnaca Airport as a second base outside Athens.

Also said to be in the frame are Romania’s low-budget Blue Air and Spanish Group Arevenca in collaboration with Fly Aruba.

Cyprus Airways, meanwhile, has had a change of chairman, with Tony Antoniou stepping down last month to be replaced by former civil servant Makis Constantinides.

Local newspapers say key conditions for the sale are that the airline remains based in Cyprus and as many staff as possible keep their jobs.

Once nonbinding business proposals have been received by 6 p.m., a short list will be drawn up at the end of September.

Those on the short list will be given financial data on Cyprus Airways and asked to put in a final binding offer.

[AFP]

ekathimerini.com , Tuesday September 2, 2014 (21:19)  
Greek debt becoming less sustainable
No progress seen in tax administration
House protection criteria will benefit wealthy borrowers, too
Agenda
Spanish PM hits back at Greek accusation of anti-Athens ´axis´
Spain's centre-right Prime Minister Mariano Rajoy hit back on Sunday against accusations from Greece's leftist premier that Spain and Portugal had led a conservative conspiracy to topple his...
Greece´s lenders skeptical on new bills but focus on funding needs
European officials have expressed concern that the Greek government has not consulted with its partners over its plans to bring new legislation to Parliament this week but the greatest focus...
Inside News
SOCCER
Super League to seek way out of impasse
The Super League governing board is convening again on Monday in a bid to overcome the tensions that keeps building up in Greek soccer despite the suspension of action on the field over the ...
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, “because it is in no one’s interest,” as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Super League to seek way out of impasse
2. Greek debt becoming less sustainable
3. No progress seen in tax administration
4. House protection criteria will benefit wealthy borrowers, too
5. Agenda
6. Spanish PM hits back at Greek accusation of anti-Athens ´axis´
more news
Today
This Week
1. Greece's lenders skeptical on new bills but focus on funding needs
2. Schaeuble softens tone, says Greece 'needs time'
3. Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
4. Lenders to be consulted over collective bargaining
5. Spanish PM hits back at Greek accusation of anti-Athens 'axis'
6. Greek debt becoming less sustainable
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. A fierce battle looms
3. The ignorance of the West about the culture of Islam
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. SYRIZA feeling the pain
6. The unlikely winners of Greece's surrender on euro
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.