EC ruling sends Cyprus Airways into liquidation

Cyprus Airways, the country’s 68-year old national carrier, entered voluntary liquidation and ceased services in mid-January after a ruling by the European Commission determined that €102 million provided by the government constituted illegal state aid and some €66 million must be repaid to taxpayers.


EC ruling sends Cyprus Airways into liquidation


Cyprus Airways, the country’s 68-year old national carrier, entered voluntary liquidation and ceased services in mid-January after a ruling by the European Commission determined that €102 million provided by the government constituted illegal state aid and some €66 million must be repaid to taxpayers.

 

The carrier operated a fleet of six A320s on routes to Amsterdam, Heathrow, Stansted, Moscow Sheremetyevo, Paris, Tel Aviv and Thessaloniki. The carrier’s cargo arm carried 17 million FTKs in 2011, nine million FTKs in 2012 and 12 million FTKs in 2013 and overall was estimated to have around a 10 per cent share of the air cargo market in Cyprus.

 

South Korea is the top nation for Cypriot exports, followed by Greece and the UK. After refined petroleum, Cyprus’s top export is packaged medicaments, while gold is fourth and cheese and semi-conductors also rank highly. CAL Cargo Airlines operates a freighter service to Larnaca out of Liege.