Kibkom North Cyprus Forum

Saw this in another Forum. Now this defies logic even for North Cyprus!

A bankrupt airline purchased by a bankrupt country who's own airline went bust. Could only happen here, defies any logic.

Minister for Tourism and Economy, Serdar Denktaş has made the somewhat startling suggestion that the TRNC purchases 50% of Cyprus Airways to save it from going under and runs it jointly with South Cyprus, Turkish daily ‘Milliyet’ reports.

Cyprus Airways is 80 million euros in debt and will have to declare bankruptcy if it does not pay the debt by 9th January 2015.


Full story: http://www.lgcnews.com/trnc-part-cyprus-airways/

"Cyprus Airways which was established in 1945, has been experiencing difficulties for the past two years since the economic crisis. Currently it employs 1,100 staff and owns six planes."

Sound familiar?

But will the CEO be shredding the paper work and throwing it out the window??

Why do they want to bail out the GC's airline when the they let their own airline go down the tube. Beats me!!Answers on a postage stamp please!

Never ever going to happen.

At last a bit of good propaganda from the TCs.
Everyone and their dog knows it a non-starter, but I feel sure it will stick in the throat of a few GCs.
Would suggest the next move should be offering the GCs a loan (in TL of course) to help them through the hard times.

My first impression was that it was 'just a little' provocative, in that it could be presented as a 'helpful' gesture, but be sure to raise howls of protest from the other side, thereby demonstrating their unwillingness to contemplate Turkish Cypriots as equal partners...
A jaundiced view? - well, maybe so...
I see that my post has been pre-empted, by cjtill, but not contradicted!

Maybe if Turkish Airlines put a bid in that would annoy them more

Greeks are aware that TRNC is funded by Turkey. They further know that any such proposal HAS to be with THY financing the proposal in the background. The chances of the m accepting any such offer is as good as our new flying school landing a man on Mars next year!

Then again I feel if they intend to have a partner, the Greeks would probably invite Aeroflot, Israel, or even Emirates to pay the debt. Just the aircraft they own must be worth twice as much as 80 million. I doubt the money will pay for all their outstanding debts and expenses, but that is what is overdue by 9th January. The new partners must have a management with a good know how on running an airline business, so as to put them on a profit making track where the rest of the debts are paid in time before the company starts saving money in the bank...

Bigoz,
Cyprus Airways do not own their aeroplanes they lease them. So no money there.

Correct about the leasing and as they have sold their Heathrow slots what have they to offer? Also how many of the staff are actually needed as I brlieve the maintainence is a separate entity. Looks like the same disaster as CTA was.. Pis sip and brewery springs to mind.

Then one must be stupid to make any such offer! They have no aircraft, no slots in main European airports; so what are we paying the 80 million for??? (surely not for the "good name") - with 40 million, you could lease 10 aircraft and start a new airline on your own.