Manufacturing Industry
European Commission to investigate Cyprus Airways restructuring plan
Airline Industry Information, March 23, 2006
AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD
The restructuring of Cyprus Airways will be investigated by the European Commission.
The Commission has said that it will launch an investigation into the restructuring plan proposed for the airline as it has doubts over whether the plan follows European Union rules. The EU rules limit aid to avoid distortion of competition, Reuters reported.
A EUR51m loan backed by the Cyprus government was reportedly approved by the Commission for the carrier in May last year.
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COPYRIGHT 2006 M2 Communications Ltd.
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