Cyprus Airways is to sell a London Heathrow slot to Lebanese operator Middle East Airlines.
It has also named a new chief executive, Aharon Karaoghlanian, to head the troubled flag-carrier.
Cyprus Airways says the slot transaction is worth €6.3 million ($8.8 million). It had previously been trying to agree a $20 million Heathrow slot sale with Qatar Airways.
The airline is selling its evening slot, after reaching an agreement with MEA on 10 March.
Cyprus Airways will, as a result, reduce its frequency to a single daily service to Larnaca.
It has confirmed the appointment of Karaoghlanian as the loss-making airline’s new head, succeeding Theodoros Ioannides.