Cyprus-Forum.com

[Paphitis]

by some accounts as many as 20 firms have expressed interest including Ryan Air. Whether any of this ultimately comes to anything I can only speculate on. If it does then, at the minimum, I suspect staff cuts and possible wage adjustment. If not, and the EU still has to announce if some state help was illegal, which would require the airline to pay it back, and which would likely kill any takeover and the airline overnight, then down she goes.

If Lufthansa have anything to do with it, the pilots of CyAir will get a huge raise. The German Pilot's Federation is not something to be messed with.

Is Lufthansa interested in CyAir???

If yes;

Not so sure about Lufthansa rolling out the "Red Carpet" for the CyAir pilots with huge pay raises, Paphitis. CyAir only has 6 aging A320s and only about twice as many destinations that they fly to. It not going to make a dent in Lufthansa’s operation what so ever. Chances are, CyAir will become a budget airlines for them along with SunExpress and Eurowings to compete with the likes of RyanAir and EasyJet. Lufthansa just announced they are pulling out all Swiss flights out of Basil (BSL) to save money, their daughter company, to make room for Eurowings to take their place in the next few months.

Lufthansa is in the picture if Aegean take over CyAir. Lufthansa owns Aegean Airlines.

The average age if the A320s is 5 to 6 years Kikapu. They got rid of the 2 oldest Buses which were 8 years and 12 years old.

Got to remember that CyAir lease all their aircraft, they do not own them.

I doubt they will become a budget airline. That market is too over competitive in Cyprus so CyAir would be better off as a full service business airline.

It could increase its routes to Athens, and have a hub in Frankfurt and be a feeder for Lufthansa to North America, and also for Virgin from Heathrow.

[supporttheunderdog]

My understanding is that as of 3rd July Aegean was at least 56% owned by Greek interests, the predominant share, 34% or so, by the chairman either personally or through other companies.

[Get Real!]

My understanding is that as of 3rd July Aegean was at least 56% owned by Greek interests, the predominant share, 34% or so, by the chairman either personally or through other companies.

Why so much interest in the financial details and ownerships of airlines?

[Paphitis]

My understanding is that as of 3rd July Aegean was at least 56% owned by Greek interests, the predominant share, 34% or so, by the chairman either personally or through other companies.

Aegean is a major partner of Lufthansa which have some kind of ownership of Aegean but I don't know how much.

[supporttheunderdog]

My understanding is that as of 3rd July Aegean was at least 56% owned by Greek interests, the predominant share, 34% or so, by the chairman either personally or through other companies.

Why so much interest in the financial details and ownerships of airlines?

Factual accuracy.

[Get Real!]

My understanding is that as of 3rd July Aegean was at least 56% owned by Greek interests, the predominant share, 34% or so, by the chairman either personally or through other companies.

Why so much interest in the financial details and ownerships of airlines?

Factual accuracy.

Well of course… we wouldn’t want an airline’s profits or ownership status to be misquoted by a fraction!

Very significant you know…

[Paphitis]

On closer inspection it seems that Aegean have an extremely close relationship with Lufthansa which has interests in some 15 airlines around the globe including SunExpress in Turkey.

Lufthansa did launch a takeover 3 to 4 years ago but that didn't go through because the Greek Government wanted Lufthansa to absorb 150 million Euros in Olympic debt. Lufthansa were not interested in Olympic.

Today, Aegean operate Athens to Munich slots which are fully owned by Lufthansa. So there is some relationship beyond basic code share.

However, there are rumors of an Aegean take over of CyAir if the come to an agreement with the RoC Government. Hopefully the RoC will not have many conditions on the sake and cut CyAir loose without the debt so that the company can move on - a bail out if you will from the RoC to CyAir and its potential new owner. It's the only way forward that will avoid bankruptcy and 700 odd job losses.

[supporttheunderdog]

with these code share you might fly on a plane of either airline but with the flight number o9f the other. I saw this with Cyprus Airways and Aeroflot, where I flew on a CY ticket/flight number to Russia but on an Aeroflot plane.

As to Cyprus Airways if the latest news is anything to go by, only the vultures will be circulating a corpse: http://www.ch-aviation.com/portal/news/31927-cyprus-airways-prospects-dim-as-ec-state-aid-decision-nears

I flew CY to the UK last week. Flight was OK. Indeed the majority of what is wrong with Cyprus Airways was how it was badly run, with too many very highly paid staff, compared to others in the European Aviation Sector, so it was a lot less competitive than other similar airlines.

[supporttheunderdog]

All the omens suggest to me a likely demise of Cyprus airways somewhere around 8th Jan or just after. The government is threatening to suspend the operating licence and the CSE share trading in cy around then, due to failure to,produce accounts. Press reports also suggest the eu will issue their ruling on subsidies about then.

This is not something I will be in any way pleased to see, indeed I consider the collapse of any legitimate business entity to be a sad event, in particular for staff. I am even due to fly with them over the new year period.

[Cap]

Aegean Airlines circling Cyprus Airways

Not good.