Triple 5, the Canadian investment giant and mall operator whose promises to the Cypriot government have yet to materialise, is now having cold feet over its supposed investment in troubled national carrier, Cyprus Airways.
Two consultancies have reportedly told Triple 5 that the CAIR deal would not be profitable and that even with cutbacks it would not even be competitive.
The airline recently secured a 15 mln euro loan with parliamentary approval, subject to implementing a radical restructuring plan.
Triple 5 has submitted a plan to Finance Minister Vassos Shiarly that includes laying off 270 staff, maintaining a ‘closed skies’ policy in order to allow CAIR to continue to operate in a monopolistic environment and increasing its fleet from nine to 21 with new leases in 2013 and a further 15 leases in 2014.
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