CYatUK
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Cyprus Airways Sells Eurocypria For £13.4m CYP

Sun Jun 25, 2006 10:19 pm

In an effort to save the troubled airline, the Cyprus Government has decided to purchase Eurocypria, the Cyprus Airways' charter subsidiary, for £13.4m CYP. (approximately 23.3m euros)

The move is thought to be a way for the Cyprus Government to help CY recover financially without been seen as providing direct aid, as this is not allowed by the EU. (Cyprus Government is the owner of 70% of CY which in turn own 100% of Eurocypria)

In order not to cause any conflict with EU, the government was evaluated Eurocypria using two different independent international financial companies.

At the moment there have been no announcements about the future relations of the two airlines, but it is assumed that they will become partners and codeshare intensively to provide an integrated network.

The move is also a way of the government to put pressure on the CY pilots to accept the lowering of their salaries which has been imposed last January and has since caused "turbulence" in the relations of the pilots with the company.
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cardiffairtaxi
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Sun Jun 25, 2006 10:58 pm

Well my niece is not too pleased with EuroCypria.She had her flight from EMA-LCA delayed by 12 hrs last night!Flew eventually at 11.30am this am.
 
cwldude
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Sun Jun 25, 2006 11:48 pm

ECA are indeed in much trouble, I didnt know they were owned by CY though. You'd expect an airline as good as CY to be able to run ECA with minimal problems!

Anyway... I'd like to think ECA have a bright future ahead! It has the potential to be a good little airline.
Thomson Airways - The UKs premier charter airline // now flown : BY -AA -AJ -AE -AT; OO -AX -AU -RA -BG; BRIG; OBYD
 
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Vasu
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RE: Cyprus Airways Sells Eurocypria For �13.4m CYP

Mon Jun 26, 2006 5:13 am

Quoting Cwldude (Reply 2):
ECA are indeed in much trouble, I didnt know they were owned by CY though. You'd expect an airline as good as CY to be able to run ECA with minimal problems!

How good is CY? I'm booked with them in August, but I've seen many reviews suggesting they're getting worse and worse...
 
CYatUK
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 8:59 am

Quoting Cardiffairtaxi (Reply 1):
Well my niece is not too pleased with EuroCypria.She had her flight from EMA-LCA delayed by 12 hrs last night!Flew eventually at 11.30am this am.

I am sorry to hear about the delay. It was due to the (rare) fact of two of their planes being under maintenance at LCA.

Quoting Cardiffairtaxi (Reply 1):
ECA are indeed in much trouble, I didn't know they were owned by CY though. You'd expect an airline as good as CY to be able to run ECA with minimal problems!

Anyway... I'd like to think ECA have a bright future ahead! It has the potential to be a good little airline.

ECA are in fact in a very good financial position and have been showing profits for a long time now.

They operate one of the youngest fleets in Europe as their 4 new B737-800 were delivered in 2001 and 2002. A fifth brand new B737-800 was delivered only last week. Rumours say that if everything goes as planned, they may be getting a sixth plane next year.

Quoting Vasu (Reply 3):
How good is CY? I'm booked with them in August, but I've seen many reviews suggesting they're getting worse and worse...

I would say that the service on CY is as good as on most known European carriers with the food being significantly better than almost all airlines I have flown with. If you are travelling on a A330 you will also have a personal screen with 3 of the latest movies and other short programmes.

The only bad thing I find about their service is the fact that the flights out of BHX and MAN are considered as one class "holiday" flights meaning that drinks for onboard consumption have to be purchased (excludes juice). I hope they do not follow the BA example of fully withdrawing the meals from their services as happened to all BA services out of MAN.
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airxliban
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 7:10 pm

I lived in Cyprus in the early 90s and used to travel on CY quite often - at that time, we used to call it Chicken Airways because we hardly ever got served anything other than chicken on the longer flights. I think I had duck once...is that still the case?
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LS737
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 7:33 pm

Quoting CYatUK (Reply 4):
ECA are in fact in a very good financial position and have been showing profits for a long time now.

So why does the Cyprus government need to buy it?
 
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Vasu
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 7:36 pm

CYatUK,

That sounds good then... I'll be on the A330 flight out of LHR!  biggrin 
 
gkirk
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RE: Cyprus Airways Sells Eurocypria For �13.4m CYP

Mon Jun 26, 2006 7:38 pm

Quoting LS737 (Reply 6):
So why does the Cyprus government need to buy it?

It's CY that needs the money, and by buying ECA from CY, then the government are giving CY money in a legal fashion
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Leezyjet
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 8:15 pm

I'm going to Cyprus in September, but due to the uncertainty of CY still being around then, my group have all booked on BA - the first time I have EVER booked full fare on BA, and not too happy about having to do it either but there was no other choice.

We go there roughly every 2 years and normally fly CY, but didn't want to take the chance this year - although we could end up being hit by BA strikes instead !!!.

Quoting CYatUK (Reply 4):
I would say that the service on CY is as good as on most known European carriers with the food being significantly better than almost all airlines I have flown with.

I wouldn't. My 2nd worst flight ever was on CY from LCA-LHR on the A310. The crew were totally racist towards anyone who wasn't of Greek decent. They walked around the cabin and handed out blankets and pillows to all the Greek passengers, and then gave what was left to anyone else meaning that alot of the British passengers didn't get a blanket or pillow for the 4.5 hour night flight as they didn't load enough on the a/c for everyone. The service you receive on CY differs by what race you are - the crew certainly treated Greek passengers much better than British passengers and it was obvious too.
The food was no better or worse than any other airline and as AirxLiban said it is a very limited choice - being pretty much the same meal on every flight.

I've have also had good flights on CY too, but only in C. We flew the A330 just after they got them, and that was pretty good service, the cabin is a huge improvement over the C cabin on the A310.

 Smile
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UK_Dispatcher
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 8:29 pm

Quoting CYatUK (Thread starter):
At the moment there have been no announcements about the future relations of the two airlines, but it is assumed that they will become partners and codeshare intensively to provide an integrated network.

I don't quite understand that personally, since ECA/UI is not a scheduled airline. If they only fly I.T flights, why would they have to codeshare with anyone?
 
LS737
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Mon Jun 26, 2006 10:43 pm

Quoting Gkirk (Reply 8):
It's CY that needs the money, and by buying ECA from CY, then the government are giving CY money in a legal fashion

But if it's in such good financial shape why does the government need to buy it rather than a private enterprise?
 
CYatUK
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Tue Jun 27, 2006 5:43 am

Quoting LS737 (Reply 11):
But if it's in such good financial shape why does the government need to buy it rather than a private enterprise?

Because its Cyprus we are talking about!! In the way politics work on the island, a privatisation of any of the semi-governmental organisations or their subsidiaries would be seen as "sale" of the state property and, believe me, just this is capable to take the government down.

Quoting UK_Dispatcher (Reply 10):
I don't quite understand that personally, since ECA/UI is not a scheduled airline. If they only fly I.T flights, why would they have to codeshare with anyone?

Not exactly! ECA are primarily charter airline but operate a number of scheduled flights as well. Their scheduled flights tend to be to destinations where it would not be feasible (financially) for CY to fly themselves

Quoting Leezyjet (Reply 9):
I wouldn't. My 2nd worst flight ever was on CY from LCA-LHR on the A310. The crew were totally racist towards anyone who wasn't of Greek decent. They walked around the cabin and handed out blankets and pillows to all the Greek passengers, and then gave what was left to anyone else meaning that alot of the British passengers didn't get a blanket or pillow for the 4.5 hour night flight as they didn't load enough on the a/c for everyone. The service you receive on CY differs by what race you are - the crew certainly treated Greek passengers much better than British passengers and it was obvious too.

I think your opinion is as personal as mine   (i.e. each person has a different opinion) However, I still think this is quite rare as I am flying quite often with them and the crews are usually friendly.

On the race subject, If you ask any Cypriot I am sure you will find that they have a "problem" with the mentality of CY for being too nice with tourists and not as nice with locals.

[Edited 2006-06-26 22:47:54]
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CYatUK
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RE: Cyprus Airways Sells Eurocypria For £13.4m CYP

Tue Jun 27, 2006 5:46 am

Quoting AirxLiban (Reply 5):
I lived in Cyprus in the early 90s and used to travel on CY quite often - at that time, we used to call it Chicken Airways because we hardly ever got served anything other than chicken on the longer flights. I think I had duck once...is that still the case?
Not really. For flights out of the UK, you have a choice between two and sometimes three types of meals, one of them being vegetarian and the others based on either pork or lamb. In fact, I had no chicken for a long time now!

[Edited 2006-06-26 22:46:59]
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