Cyprus Government has issued a tender for the appointment of a financial advisor that will proceed with the sale of former national airline Cyprus Airways trademarks and logos owned by the state, after the company’s bankruptcy on 9 January 2015, following a ruling by the European Commission that state aid paid to the company by the Government of Cyprus was illegal and had to be returned.
The tender concerns the appointment of a reputable independent financial advisor with relevant sector expertise to design, manage and implement the process for finding an investor for the usage of the Cyprus Airways logos and trademarks.
The estimated value for the contract excluding VAT is €130.000 and the selection will be according to the most economically advantageous tender. The time limit for receipt of tender or requests to participate is February 2 at 13.00.
According to a Cabinet decision last week the finding of an investor to buy the trademarks and logos of Cyprus Airways is urgent, since the commercial and financial value of these trademarks and logos may be reduced over time.
The tender marks the start of the procedure of finding a new investor to establish a new private company with the name and logo of Cyprus Airways based in Cyprus.