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Buyers sought for bankrupt Cyprus Airways logo

15 June 2015, 12:12 CET
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(NICOSIA) - The government on Monday called for buyers for the logo of defunct national carrier Cyprus Airways, which was closed after European Union rules on state aid were broken.

"The purpose of this expression of interest process is to determine interest of prospective parties for the exclusive licence to use/exploit the logos and trademarks for the operation of a flights schedule out of the Republic of Cyprus," an official announcement said.

The deadline for would-be buyers is July 24 as the government is keen to oversee the swift sale to private investors of the logo -- a moufflon mountain sheep said to be indigenous to the Mediterranean resort island.

The 68-year-old Cyprus Airways made its final flight on January 9 after EU regulators ordered the government to recover illegal state aid it had granted to the struggling carrier.

Brussels ruled that Cyprus had breached EU competition guidelines by giving the airline 31 million euros ($37 million) on top of a 34-million-euro rescue loan.

The carrier, which was 93 percent state-owned, had struggled to survive against intense competition on its most popular routes to Greece and Britain.

It posted a net loss of 55.8 million euros in 2012, more than double the 23.88 million euros it lost the previous year.


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