Cyprus Airways sells LHR slot to increase liquidity

Cyprus Airways announced the sale of its last remaining slot at London Heathrow Airport to American Airlines for $31 million, as part of a restructuring plan. The sale amounts to a revenue stream that will boost the company’s liquidity up to 2015. The airline intends to transfer its London route to Stansted on September 14th. Later this year, the European Commission is set to rule on the airline’s restructuring plan and whether injections of capital from the Cyprus government constitute state aid, which is forbidden under EU competition rules. Cyprus Airways sold off its other two Heathrow slots in 2012