Cyprus Airways logo, trade name put up for sale

The Cypriot government will put up for sale the trade name and logo of the now defunct national air carrier Cyprus Airways, a government spokesman said on Wednesday, just days after the airline suspended its operations.

Cyprus Airways discontinued operations after the European Commission ruled on Friday that it had illegally received government subsidies amounting to 103 million euros (about 122 million U.S. dollars) which it was ordered to repay immediately.

A decision for the sale of the company's insignia was made by the Council of Ministers which empowered Communications Minister Marios Demetriades to appoint through an open competition advisors on choosing the right bidder.

"The government is focusing its attention on maintaining Cyprus's air connectivity, creating jobs for 550 people formerly employed by Cyprus Airways and setting up a new air carrier which will use the company's trade name and logo," the spokesman said.

He added that the government is seeking an interested investor who would buy the trade name and logo of Cyprus Airways and set up a new company based in Cyprus.

The Cyprus Airways trade name and logo, which depicts a flying mountain goat called "agrino" endemic to Cyprus, were purchased by the government early in December, 2014 for 1 million euros in anticipation of the European Commission's ruling on state assistance paid since 2007.

The vacuum left by the winding down of Cyprus Airways is currently being partly filled by Greek Aegean Airlines and Greek low cost airliner Blue Air. (1 euro = 1.18 U.S. dollars) Endit