| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/15/3121 (12.01.15) |
| Publication Date | 12/01/2015 |
| Content Type | News |
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Following an in-depth investigation, the European Commission concluded in January 2015 that a restructuring aid package of over €100 million for Cyprus' ailing flag carrier Cyprus Airways had given the company an undue advantage over its competitors in breach of EU state aid rules. Cyprus Airways was therefore obliged to pay back all incompatible aid received, which according to the Commission's information amounted to over €65 million plus interest. In particular, the Commission found that Cyprus Airways had no realistic perspective of becoming viable without continued state subsidies. Following the adverse decision issued by the European Commission on the 9 January 2015, the Board of Directors of Cyprus Airways decided to initiate the procedure for voluntary liquidation, and all flights of the airline were suspended. On the 10 January 2015 the Cypriot government floated plans to revive the airline. |
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| Source Link | http://europa.eu/rapid/press-release_IP-15-3121_en.htm |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Cyprus, Europe |
