Manufacturing Industry
Cyprus Airways presents restructuring plan
Airline Industry Information, Oct 12, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
The board of Cyprus Airways has presented a strategic restructuring plan, hoping to aid the troubled airline.
The government of Cyprus reportedly has to submit the plan for European Commission approval by 3 November.
Included in the plan are job cuts, cost reductions, outsourcing and operational changes, The Associated Press reported.
If the plan is approved by the Commission the airline may qualify for a bank loan, in which the government would be a guarantor. The loan would cover survival in the medium term as well as the costs of restructuring the airline.
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