By Constantinos Psillides
CYPRUS Airways (CY) workers’ unions have called an emergency general meeting for Wednesday to discuss the ongoing procedure of finding a strategic investor to take over the ailing carrier.
CY head Makis Constantinides last week painted a grim picture of the state of things at the airline. “Perhaps never in the past, was the situation as critical as it is today. The loss-making course has not been halted, as was the objective of the latest restructuring plan, while productivity in relation to competitiveness continued to be at a low level,” he said.
Adding to the climate of insecurity are reports the government has decided to sell the company off either to Aegean Air or Ryanair. Both companies are considered “hostile” by the workers, who fear they will either let almost all employees go or proceed with major pay cuts.
“The bulk of the work force is justifiably filled with feelings of disappointment and anger over their future and job security,” said a unions statement.
Authorities are trying to sell the carrier but efforts appear to be hampered by an EU probe into a €73 million rescue package the company received in 2012, and a €31.3 million capital increase in early 2013.
The EU Commission is set to decide whether CY has to return that money to the state, which would result in the company shutting down.