Investors consider Cyprus Air
NICOSIA (Reuters) – American and Greek investors have inquired about the possibility of acquiring a majority stake in Cyprus Airways, the troubled Cypriot national carrier said yesterday. Representatives of Olympic Investors and York Capital Management sought and met with the chairman of the Cypriot carrier on Tuesday, the airline said in a statement. «During the meeting, the representatives informed Cyprus Airways of the interest shown by Olympic Investors in the past for the acquisition of a majority stake in Greece’s Olympic Airlines, and expressed the desire for similar types of investments in Cyprus,» Cyprus Airways said. Facing huge losses, Cyprus Airways is set to shed more than a quarter of its work force this year to save it from closure. The overhaul is necessary to make it eligible for a government-backed loan.
