Cypriot media has reported that Cyprus Airways has attracted non-binding bids from nine potential investors, including Ryanair and Aegean Airlines.
With the deadline for the submission of bids having expired last week, nine of the fourteen original firms that had expressed an initial interest in the carrier had now submitted proposals. Details from some of the proposals included making Cyprus a regional MRO hub and increasing the airline's fleet as demand dictates. However, concerns were raised about the cost of leases currently being paid for the carrier's fleet of A320-200s in addition to flight crew remuneration rates.
Cypriot Minister of Communications, Marios Demetriades, said last week that other bidders included Arkia Israeli Airlines, a "prominent" Russian investor with Swiss citizenship, "Cyprus Air" - a bid led by a Cyprus Airways pilot working alongside another Russian investor, and the Arevenca Group, which is a joint-venture between flyAruba and Spain's Triple Five Group. Blue Air (Romania) and S7 Airlines are reported to have withdrawn their bids.
Demetriades noted that the evaluation of proposals has already begun and expressed the belief that it will be completed in the coming days, with the third phase of the process to begin "as soon as possible.