After a change of management and directors, precipitated by a disagreement with the government over redundancy compensation, Cyprus Airways submitted its new Turnaround Plan to the European Commission in Jul-2013…The Commission’s review is currently expected by Nov-2013 and this has led to the delay in publication of its half year results for 2013. In the event of non-approval of the state aid, Cyprus Airways is working on alternative plans, including the use of subsidiary Cyprair Tours to take over the AOC and assets of the company.
Read source article here