Cyprus Airways announced on Monday the sale of its last Heathrow slot to American Airlines for $31 million

16/06/2014

Cyprus Airways announced on Monday the sale of its last Heathrow slot to American Airlines for $31 million, but said that it would continue to serve London through Stansted airport.

“This development secures significant revenue of $31m which will boost the company’s liquidity for 2015 as well,” it said.
The deal was among the measures included in the airline’s restructuring plan submitted to the European Commission.
The sale came at the best time, as rejection of the plan would nullify the value of the slot and lead to its automatic return to the Heathrow authorities, it added.

The embattled national carrier said the sale would allow it to improve the viability of the loss-making Larnaca-London route.
Flights to Heathrow will continue as normal until September 13. From September 14, Cyprus Airways will be flying to Stansted, allowing it to offer more convenient schedules, it said.

The decision is certain to enrage the pilots union who had asked President Anastasiades to avert it.
The airline’s first Heathrow slot was sold three years ago for €22m and due to further liquidity problems, the second recently followed suit, going for €6.5m only.

 


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