Sarris welcomes EU approval for Cyprus Airways loan

Minister of Finance Michalis Sarris said that the in principle approval of the Cyprus Airways restructuring plan by the Directors of the EU Commissioners’ Bureaus was a positive development.
The Minister called on all involved, the Cyprus Airways administration, the company’s Board of Directors as well as the CA employees, ”to continue showing the same positive approach and to intensify their efforts so that the company becomes profitable once again”.
Asked whether he believes that the government’s restructuring plan would help the company, he said “we have a good plan, which, if implemented, and if all involved show a cooperative spirit, could become a success”.
The plan provides for an amount of 96 million euros, from which 72 million euros will be given as a bank loan under the Cyprus government guarantee, while the remaining 24 million euros concern an increase of the share capital.