Cyprus Airways and employees' trade unions called on parliamentarians to approve payment of €20 million ($27.3 million) to the company to help to stay in air, Famagusta Gazette reported this week. Compensation to the cash-strapped airline is for losses incurred owing to the Turkish airspace ban, which forces it to take alternate, more expensive routes to Northern Europe and Russia. Airline employees have agreed to a 9% salary reduction. CY is expecting a €60 million deficit ...

Subscribe to Access this Entire Article

"Cyprus Airways seeks €20 million cash injection" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions? ATWPlus@penton.com.

Already registered? here.