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Trading in CY and 15 other companies suspended

RESTRUCTURING of the national carrier Cyprus Airways (CY) continues, the communications minister said on Monday, as stock market authorities suspended trading of the company’s shares for failure to submit an annual report.

“We must say that the restructuring plan is progressing as we have been informed, consistently and reliably,” Tasos Mitsopoulos told reporters.

Implementation of the plan was important for Cyprus in order to convince the European Commission, the minister said.

The latest in a series of ‘rescue plans’ for CY, has been submitted to the Commission for approval.

The Commission is also investigating Cyprus in connection with possible violations of state aid rules for previous assistance given to the airline.

The restructuring plan provides for cutting the CY fleet to five A320 planes, plus a sixth A320 to be used as a back-up.
It also calls for salary cuts and laying-off 490 of 1,040 staff.

Meanwhile, stock marker authorities have suspended trading of CY – and  15 other public companies – over their failure to submit their annual financial reports by Monday’s deadline.

The other companies on the list of 16, include Athienitis Contractors, Ceilfloor, Charilaos Apostolides and Orphanides.

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