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Cyprus Airways to return A330s in favour of A321s

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Goose Posted: Tue, Sep 6 2011 1:02 PM
  • The flight programme of the Company which has been significantly modified as a result of the reduced demand  due to the crisis, is being reviewed on a continuous basis so that it is streamlined, flight frequencies are improved  and new destinations are added, when it is possible, in order to increase tourist traffic from and to Cyprus.

 

  • As a result of the modification of the flight programme, one A330 aircraft was available for sub-leasing. Following an agreement concluded between the Ministry of Defence of the United Kingdom and the Company, the said aircraft was sub-leased for the period August to November 2011 as well as the second A330 for the period September to November 2011.

 

  • In addition a letter of intent has been signed with the leasing company for the early termination of the lease of the two A330 aircraft in December 2011 and January 2012 respectively, which is about one year earlier than the lease expiry date, against the payment of a termination penalty. The early redelivery of the A330 aircraft is expected to bring about a significant improvement to the operating result of the Company. At the same time it was agreed to lease two A321-200 aircraft for a period of six years with delivery dates in April and May 2012.

  • On 5 August 2011, the Board of Directors of the Company approved the letter of intent signed between the Company and ILFC in relation to the lease of two A321-200 aircraft for six years with delivery dates in April and May 2012. In conjunction with the said agreement, the lease expiration dates of the two A330-200 aircraft were amended to December 2011 and January 2012, which is about one year earlier than the lease expiry dates, against the payment of a termination penalty to the leasing company. The early redelivery of the A330 aircraft is expected to bring about significant improvements to the operating result of the Company.

  • Source http://cyprusair.com/870,0,0,0,2-Financial-Information.aspx
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