Ministerial meeting on Cyprus Airways on Thursday

The meeting will take place at the Ministry of Finance with the participation of the Finance Minister, the Communications Minister, the Minister of Labour and the Minister of Commerce.

Cyprus Airways Board Chairman Tony Antoniou has told CNA that at tomorrow’s meeting, the company will present actions taken so far for its restructuring and there will be a discussion on its future, “with the company demanding”, as he said, from the Government to help Cyprus Airways, by engaging actively in issues related to investors, plan B and the implementation of the restructuring plan.

Antoniou told the CNA that the redundancy process will almost be completed by the end of October or early November, noting that around 100 employees remain to be made redundant.

The Board Chairman also said that the company expects the EU response to the restructuring plan which has been submitted for approval.

He added that the negotiations with the EU concluded with some positive changes on the original plan which was submitted on July 22nd.

For example, he said, “we increased working hours from 37.5 to 39 which the EU considers as a very positive move as it increases productivity.”

Antoniou said the company is also negotiating various contracts which in most cases were not beneficial for the national air carrier.

The airline posted losses of €55.8m for 2012, doubling its 2011 losses of €23.9m.