According to the Associated Press:
A Cyprus government spokesman says a state-owned charter airline will shut down to ensure the viability of the east Mediterranean island's national carrier.
Stefanos Stefanou said Thursday a government-commissioned study has shown that Cyprus cannot sustain two airlines vying against each other in a highly competitive air transport market.
He said smaller Eurocypria will cease operations to allow Cyprus Airways — which is majority owned by the state — to remain competitive.
Stefanou said that there are plans for "as many as possible" of Eurocypria's 265 full-time employees to be employed by Cyprus Airways. Those plans will be vetted by the EU.
He said Cyprus Airways will assume Eurocypria's flight schedule Nov. 13.
Source: Associated Press