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Cyprus Airways board approves the airline's unaudited interim management statement

20-Nov-2012 1:35 PM

Cyprus Airways stated (15-Nov-2012) its board of the directors met on 15-Nov-2012 and approved the airline's unaudited interim management statement for 01-Jul-2012 to 15-Nov-2012. The statement included significant events which occurred in the period including the supplementary budget bill which was submitted by the Cyprus Minister of Finance to the Cyprus Parliament on 27-Jun-2012 for the increase in share capital at Cyprus Airways of EUR31.33 million. Parliament approved the increase on 12-Jul-2012, with the first tranche of EUR15 million released once the existing board of directors resigned and replaced with eight new members. The remaining amount would be released once the airline had presented a viable restructuring plan to the Cyprus Government. Air France Consulting was selected as Cyprus Airways' consultant to prepare the airline's restructuring plan. The plan was unanimously approved by the airline's board of directors on 07-Nov-2012 and submitted to the Government for approval. The airline plans to continue to attract a strategic investor with further information on developments to be made with the announcement of Cyprus Airways' results for FY2012 which is expected to take place at the end of Feb-2013. [more - original PR]