CAIR: Restructuring Plan submitted to European Commission
4/11/2005 9:55
Cyprus Airways would like to inform investors that the Republic of Cyprus submitted the Group’s restructuring plan to the European Commission.
The Plan, which aims at the survival of Cyprus Airways, includes chapters that refer to the future strategic, organizational structure and the operation on staff issues that concern productivity, expenditure, the number of employees, savings in several operating expenses and increase in revenues as a result of the Company’s restructuring.
The improvement in the financial results with the enforcement of the Plan’s measures stands at £21.8 million for 2006.
The financial aid is the allocation of a governmental guarantee for a long-term loan of £70 million, £30 million of which will be used for the pay off of the short-term loan raised in May 2005.
The provisions of the plan concerning staff issues will be discussed with the trade unions of Cyprus Airways.
The Company will release new announcements if necessary.
The Plan, which aims at the survival of Cyprus Airways, includes chapters that refer to the future strategic, organizational structure and the operation on staff issues that concern productivity, expenditure, the number of employees, savings in several operating expenses and increase in revenues as a result of the Company’s restructuring.
The improvement in the financial results with the enforcement of the Plan’s measures stands at £21.8 million for 2006.
The financial aid is the allocation of a governmental guarantee for a long-term loan of £70 million, £30 million of which will be used for the pay off of the short-term loan raised in May 2005.
The provisions of the plan concerning staff issues will be discussed with the trade unions of Cyprus Airways.
The Company will release new announcements if necessary.
