Cyprus Airways (1947) (Larnaca) is facing potential imminent closure after the New Year holidays according to a news report by the Cypriot newspaper Kathimerini.
According to the report, Alecos Michaelides, the country's chairman of the Air Licensing Authority has given Cyprus Airways until January 8 to present fully audited financial statements for the 2014 financial year and to "provide evidence that is a going concern".
Cyprus Airways is also under investigation by the European Union which is planning to rule in 2015 whether a 2012 rescue package and 2013 capital increase by the Cypriot government violated EU state aid rules. A shadow of its former self, Cyprus Airways currently operates six A320-200s.
