Greek Cyprus places Cyprus Airways commerce title up on the market

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Cyprus Airways commerce title and sheep emblem is up on the market.

Greek Cyprus will put the commerce title and emblem of now-defunct state provider Cyprus Airways up on the market after the airline suspended operations on Jan. 9, officers stated.

Money-starved Cyprus Airways was shut down after the European Fee ordered it to repay greater than 65 million euros it obtained in unlawful state assist.

Cyprus Airways, which employed 550 folks, had been dropping cash and market share for years, after cheaper opponents began muscling in on its beforehand profitable routes. A number of makes an attempt to show it round failed.

“Our makes an attempt are targeted on enhancing Cyprus’s air connectivity, discovering jobs for Cyprus Airways workers and utilizing the commerce names,” deputy authorities spokesman Victor Papadopoulos instructed reporters.

Authorities officers stated a course of to discover a purchaser must be “instant” for the reason that industrial worth of the airline’s commerce title and its emblem – which depicts a species of mountain sheep endemic to the island – might erode over time.

There could be an open competitors to nominate advisors on the sale, he stated.

Authorities haven’t speculated on who is likely to be fascinated about bidding.

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