Brussels, 07/03/2007 (Agence Europe) - On 4 March, the European Commission authorised a restructuring plan for Cyprus Airways unveiled by Cyprus in May 2005.
The plan involves a loan of CYP 55 million (€96 million) of which CYP 45 million (€78 million) is backed by government guarantee and the sale of Cyprus Airway's charter wing Eurocypria to the government for 13.425 million (€23.6 million) as long as the two state-owned airlines are run as effective and independent competitors;...