The new Cyprus Airways board president, Marinos Kallis, expressed the view that there is still hope for the airline at the House Committee assuming that the restructuring plan is applied in its entirety. He stated that the following has to be done before the plan is completed:
- Lay off of 165 employees, reducing the company’s size to 385.
- A reduction in wages by 12%.
- Find a solution for the employees Provident Fund which is currently the largest creditor of the airline.
Furthermore he stated that other drastic measures must be taken such as sale of ownership of Swissport shares, sale of all remaining non-aviation relevant assets such as catering and if required the sale of the last privately owned plane. He didn’t exclude the possibility to also make changes to the frequency of flights to certain destinations, further reductions in personnel and renegotiation with vendors to reduce charges.