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1st LD: Cyprus Airways closed down after EU ruling on state assistance

Xinhua, January 10, 2015 Adjust font size:

Cypriot national air carrier Cyprus Airways was closed down following a European Commission ruling on Friday that it had illegally received state aid.

Ministers of Finance Harris Georgiades and Communications Marios Demetriades said at a joint press conference that the license of the government owned company has been revoked and its flying program terminated with immediate effect.

They also announced alternative arrangements for Cyprus Airways passengers following the termination of the ailing carrier's operations.

"These alternative arrangements ... is possible to include the use of chartered airplanes, the transportation of the passenger with another airline to his/her destination ... or any combination of the above," they said in a statement.

The decision to immediately shut down the Cypriot national air carrier, which was established in 1947, came after the European Commission announced that Cyprus Airways would have to pay back about 100 million euros (about 119 million U.S. dollars) in state aid it has received since 2007. Endit