The Financial and Budgetary Affairs Committee of the House of Representatives approved here on Thursday the decision of the Board of Directors of Cyprus Airways to select Air France – KLM Consulting to draw up a restructuring plan, in order for Cyprus’ national air carrier to overcome its chronic problems.

In total 6 consulting firms submitted bids to the Board of Directors, which in turn chose Air France – KLM’s bid as the most appropriate one.

Air France – KLM’s bid was 226,175 euro, plus additional expenses that will not exceed 15% of the initial amount.

The restructuring plan must be drafted and submitted to the Board of Directors of the CY Airways by October 29.

The Group of Cyprus Airways recorded a loss of 32.1 million Euro, after tax, in the first half of 2012 in comparison to a loss of 29.3 million Euro for the respective period of 2011, which is higher by 2.8 million Euro.

The Cyprus Airways Board of Directors is comprised by eleven members, eight of which are appointed by the government. The three remaining Board members are private stockholders. The government controls 69.62% of the share capital of the company whilst private individuals control 30.38%