Cyprus Airways to be sold off

The government of Cyprus has formally offered Cyprus Airways for sale in a final attempt to save the airline from bankruptcy. Last week, the Cypriot government invited Expressions of Interest (EOI) from “strategic and/or financial investors” for acquiring either “shares or a significant bundle of assets” of the airline. The Cypriot government is the major shareholder in the carrier, holding a 93.67% stake, with the remainder in the hands of private investors. The government stressed the EOI did not constitute “an offer or invitation to subscribe for or purchase” any shares and related only to “the submission of a non-binding