Church studying Eurocypria plan

THE Church will study a five-year business plan regarding the reactivation of Eurocypria airlines – which went bust in last month – and decide whether to get involved, it emerged yesterday.

Chris Iakovides, the liquidator appointed by creditors to oversee the wind up of the company, reiterated yesterday that numerous investors, including the Church of Cyprus, have shown interest in taking over the company.

Iakovides said Archbishop Chrysostomos aimed in reactivating the airline and was expecting the five-year business plan to study it with his advisers and decide whether to get involved.

Iakovides said Paphos hoteliers have also shown an interest in the company, looking to base it in their town.

The liquidator said he was seeking the proper investment.

“When there is a proper investment, I believe the company will be very profitable,” Iakovides said.

The business plan shows that the new company could make a €30 million profit in five years, operating three aircraft with around 100 staff.

The business plan is expected to be handed over to investors in the next few days.

The closure of the company in November saw 320 left without a job.

A compensation package has not been finalised yet though the workers last week received their notice wages.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.