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Screenshot of a breaking news alert e-mail from Q2 2017
Further to our earlier post regarding the closure of Cyprus Airways, LeapRate has learned that serious discussions are taking place to save Cyprus’ national air carrier. The latest we’ve heard is that both discount carrier Ryanair and Spanish carrier Iberia are both involved.
The proposed deal would transfer ownership of Cyprus Airways from the Cypriot government to the private sector. Cyprus Airways would keep its name, logo and identity, as well as its planes and main routes. The company’s reservations and back end systems would be integrated with those of the acquiror(s). And, we imagine, a number of cost and personnel cutting moves would need to be agreed upon before a deal can be finalized.
In the meantime, all Cyprus Airways flights have been cancelled.
Iberia is part of International Airlines Group (IAG), created in 2010 as a merger of British Airways and Iberia. Ireland-based Ryanair Holdings Plc (LON:RYA) is a publicly traded company.
We’ll bring our readers more on the situation as it comes in.