CHRISBA777ER
Topic Author
Posts: 3715
Joined: Thu Mar 01, 2001 12:12 pm

Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:11 am

Hiya guys - anyone know whats going on with Cyprus? Are they about to go bankrupt do you know?

What about their A332s? Are they going to sell them off?

I wonder if the Government will step in and help them out...
What do you mean you dont have any bourbon? Do you know how far it is to Houston? What kind of airline is this???
 
kiwiandrew

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:13 am

Quoting CHRISBA777ER (Thread starter):
I wonder if the Government will step in and help them out...

don't think they are allowed to under EU law - but of course that law has never stopped the Italian and Greek governments from trying to play Dr Frankenstein and re-animate the dead at taxpayer expense  Wink
 
cornish
Posts: 7651
Joined: Fri Feb 18, 2005 8:05 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:14 am

I believe there are talks of seeking approval from the EU for the Cyprus government to provide a restructuring loan. whether or not this will end up getting paid back remains to be seen, but in the grand tradition of Mediterranean state-owned airlines I suspect not.....

There has been talk of large scale job cuts and the removal of some aircraft. Problem with the A332s is that they can fill them on the London runs easily (their most important along with ATH), but are simply too big for their other routes...
Just when I thought I could see light at the end of the tunnel, it was some B*****d with a torch bringing me more work
 
eha
Posts: 209
Joined: Fri May 06, 2005 6:35 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:16 am

Quoting CHRISBA777ER (Thread starter):
What about their A332s? Are they going to sell them off?

The 2 A330-200, built in 2002/03 and delivered to Cyprus Airways end of August 05 are leased from ILFC. They do not own them.

E.
 
airxliban
Posts: 4285
Joined: Wed Oct 01, 2003 12:14 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:25 am

I wasn't even aware that they were having financial troubles - what is going on with them?
PARIS, FRANCE...THE BEIRUT OF EUROPE.
 
eha
Posts: 209
Joined: Fri May 06, 2005 6:35 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 12:45 am

Quoting CHRISBA777ER (Thread starter):

I wonder if the Government will step in and help them out...

In fact, there have been (conflicting) reports on the governement being willing to sell its majority stake (they own 70% of the airline)!

It has been said that the airline could run out of cash by year end. Therefore the plan of the govt, subject to EU approval to inject some cash, or to find someone to buy the airline...and the losses....

E.
 
CHRISBA777ER
Topic Author
Posts: 3715
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RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 3:07 am

I know they had 8 A320s this time last year - one went to Opa Locka  Sad - anyone know where the other went?
What do you mean you dont have any bourbon? Do you know how far it is to Houston? What kind of airline is this???
 
AF022
Posts: 1630
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RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 7:11 am

Are there any online news sources giving an indication of what is up at CY? Is there a business paper from Cyrpus that could be accessed online?
 
DeC
Posts: 535
Joined: Mon Aug 15, 2005 5:12 am

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 8:16 am

Quoting AF022 (Reply 7):
Are there any online news sources giving an indication of what is up at CY? Is there a business paper from Cyrpus that could be accessed online?

Yeap, www.cyprusweekly.com.cy is a very good source.

"CYPRUS AIRWAYS: we are ready to sell"

"By Charlie Charalambous

AS A WAY out of the cash-crisis threatening Cyprus Airways' continued existence, the government is prepared to sell-off the state-owned airline to any interested buyer, President Papadopoulos revealed yesterday."

Read the full article here:
http://www.cyprusweekly.com.cy/default.aspx?FrontPageID=304_2


----

Cyprus Airways have been running on very high ticket prices for many years, since no other airline would service Cyprus before (apart some Olympic Airlines routes which were equally, or sometimes even more expensive anyway). Now, thing is that they went around operating on very high costs as well (a main factor being the huge number of employees and crew along with their overblown salaries that went on for many years) making huge debts which were somewhat balanced by the great amount of income they’ve been enjoying for years, due to monopoly.

Things changed however, when Cyprus became a full member of the E.U a couple of years back and several airlines, led by Cyprus Airways’s no.1 ‘enemy’, Greece’s Aegean (and Cypriot Helios Airways which was formed a little earlier but basically flourished its operations when we became full E.U members as well – only to be stopped by the tragic 14th of August crash, but that’s another story..) were allowed to fully operate in Cyprus as well. With the introduction of significantly lower ticket fees, excellent service and new fleet, Aegean Airlines took ‘em by surprise with a great amount of Cypriot people who live abroad (mainly Greece, myself included as well) traveling exclusively with Aegean and abandoning Cyprus Airways which demanded (and still demands, despite the dramatic drop of their tickets’ price) a lot more money for the exact same routes and service.

Now, they are facing huge debts which they are desperately trying to deal with, by firing a lot of employees and largely decreasing the salary of the remaining ones among many other actions as well. Thing is that because they had to lower their ticket prices as well, so they could be somewhat competitive again, their income was decreased with it so they can’t find a way to meet their legalities now. Nobody knows what’s going to happen and if you ask me, the purchase of those brand new A330’s got them even deeper in trouble.
DEC
 
Horus
Posts: 5131
Joined: Sun Feb 22, 2004 1:04 am

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 8:19 am

I read their Middle Eastern flights are heavily reliant on passengers making onward connections from Europe through LCA.

Horus
EGYPT: A 7,000 Year Old Civilisation
 
brightcedars
Posts: 751
Joined: Wed Nov 10, 2004 6:18 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 6:02 pm

I've put my wife and kid on CY for our Xmas trip to BEY. Yes Horus, it's quite an attractive connecting point to avoid red-eye services to the Eastern Med.

I'll be traveling AZ myself via MXP having an award ticket.

I'm starting to wonder if any of us will be flying at all between AZ and CY...  no 
I want the European Union flag on airliners.net!
 
LAXintl
Posts: 20183
Joined: Wed May 24, 2000 12:12 pm

RE: Cyprus Airways - Whats Going On?

Wed Nov 09, 2005 6:51 pm

The saga at Cyprus Airways has been going for a little while now.

The financially troubled loss making carrier has been looking to receive state aid to avoid a shut down. In order to receive EU approval for the aid, the carrier needs to accept a long term restructuring plan. An earlier study had concluded the carrier needs to shed atleast 1/5 of its work force and cut cost including fleet reductions, and the closure of its loss making Hellas Jet subsidiary. However the highly unionized workforce has rejected all proposals that would affect employment and pay.

The ball is now again back in the hands of the Cypriot government whom need to make some tough decisions if the airline is to continue.

Any potential private sale would almost certainly also require many non popular changes before a buyer would be willing to invest.
From the desert to the sea, to all of Southern California
 
AF022
Posts: 1630
Joined: Fri Dec 26, 2003 10:41 pm

RE: Cyprus Airways - Whats Going On?

Sun Nov 13, 2005 10:55 am

When looking at schedules it seems that CY has a middle-of-the night flight to Heathrow, leaving LCA at some ungodly hour. Can this flight possibly be performing well?

Does anyone know what the loads are? I would guess the evening departure to LHR does very well, but the early flight must be empty.

I guess the flight is for positioning, but who wants to depart LCA at 0335 for a 5 hour flight? Awful.
 
CXA330300
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Joined: Wed May 26, 2004 5:51 am

RE: Cyprus Airways - Whats Going On?

Sun Nov 13, 2005 11:14 am

In the grand tradition of inefficient state-owned/supported airlines, I would expect more help from the government, and nothing to change at all........a la Olympic.
AC/AA/UA/DL/B6/WN/US*/CO*/FI/BA/IB/AF/SK/LX/Sabena*/TK/LY/SA/MN/SW/AM/CE*/CX/CA/MU/JL/SQ/TG/MH/KA/5J
 
BBADXB
Posts: 777
Joined: Mon Sep 03, 2001 11:13 pm

RE: Cyprus Airways - Whats Going On?

Sun Nov 13, 2005 7:21 pm

Can someone please tell me how many A330s, A320s and A319s they have in their fleet at present?

Thanks.
 
AA767400
Posts: 1889
Joined: Tue Jan 23, 2001 2:04 am

RE: Cyprus Airways - Whats Going On?

Mon Nov 14, 2005 7:39 am

Don't you think that a 332 would be too much plane for what the use them for?
"The low fares airline."
 
DeC
Posts: 535
Joined: Mon Aug 15, 2005 5:12 am

RE: Cyprus Airways - Whats Going On?

Mon Nov 14, 2005 7:32 pm

Quoting BBADXB (Reply 14):
an someone please tell me how many A330s, A320s and A319s they have in their fleet at present?

Thanks.

The fleet therefore in 2003, consists of eight Airbus A320s, two A319s and two A330s. Eurocypria, Cyprus Airways' subsidiary charter company operates with four brand new Boeing 737-800.

http://www.cyprusairways.com/

[Edited 2005-11-14 11:34:15]
DEC
 
cornish
Posts: 7651
Joined: Fri Feb 18, 2005 8:05 pm

RE: Cyprus Airways - Whats Going On?

Mon Nov 14, 2005 7:36 pm

Quoting AF022 (Reply 12):
When looking at schedules it seems that CY has a middle-of-the night flight to Heathrow, leaving LCA at some ungodly hour. Can this flight possibly be performing well?

Does anyone know what the loads are? I would guess the evening departure to LHR does very well, but the early flight must be empty.

I guess the flight is for positioning, but who wants to depart LCA at 0335 for a 5 hour flight? Awful

Works just fine - you have to remember the Brits are well versed at flying to and from their Med holiday destinations at obscure hours. I've flown on it when pretty packed and also at quieter times. At easter, summer, Xmas etc it can be full.

Part of the problem is a lack of slots at LHR, as an existing operator without stacks of cash, they have to take what slots they can - and this can mean unattractive hours. But i beleive Olympic have a similar early morning flight form Greece to LHR too, so it might be an Eastern Med sort of thing....
Just when I thought I could see light at the end of the tunnel, it was some B*****d with a torch bringing me more work

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