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Cyprus Airways Receives Non-Binding Proposals

Aegean Airlines and Ryanair presented non-binding proposals regarding the acquirement for Cyprus Airways, as confirmed by Cypriot Transport Minister Marios Demetriades to Reuters.

Demetriades stated "more than half" of the 15 interested buyers offered non-binding proposals during yesterday's submission deadline. The Transport Minister added, "I would say the response is encouraging, but we have to assess the non-binding proposals to see what they contain".

Letters of initial interest were sent to Cyprus Airways in July, as the air carrier has attempted to stay afloat against budget airlines for a number of years.

Demetriades claimed that approximately one-third of the related companies are air carriers. A Cypriot government selected panel is set to analyze the proposals and determine which companies will move on to the next phase of acquirement.

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