14-Jun-2010 11:46 AM

Cyprus Turkish Airlines and Atlas Jet to enter take-over negotiations

Cyprus Turkish Airlines confirmed it would commence negotiations with Atlas Jet regarding a deal to take over operational control of Cyprus Turkish Airlines (Cyprus Mail, 11-Jun-2010). A deal proposed between the two carriers reportedly includes Turkish Cypriot authorities taking over up to USD100 million in Cyprus Turkish Airlines' debt, with 670 staff to be laid off at the carrier, except pilots and crew. Altas Jet would take over full administration of the carrier.

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