TUS Airways gave the government an ultimatum, in the joint meeting they had with the ministries of transport and finance, that unless it provides aid of the amount of €800,000 by the end of September then the airline will go under.
As Chief Executive Andrew Pyne announced at the meeting, a foreign investor has been found who intends to invest several million in the company, but will only do so on the condition that the government chips in with the aforementioned amount.
Otherwise the company will close down and the 35 people who currently work for it will lose their jobs.
Pyne stressed that the government may either give them this amount in the form of a loan or by acquiring a stake in the company.
He also stressed that the current owner has invested €42 million so far and does not intend to invest more.
Should the government decide to get on board either way then TUS Airways will change its name to ELA immediately and resume flights in February 2021.
It will also move forward with purchasing four to six 76-seater aircrafts, and operate flights to Greece and the Greek islands, Israel to Tel Aviv and Haifa, Lebanon, Jordan and Saudi Arabia.
Additionally, 35 people will be hired immediately, with the aim of creating another 200 job openings.
Just yesterday in a letter to the Ministry of Transport TUS Airways management requested that their work permit be suspended for the next six months, according to information by Insider.
Read more: Temporary suspension of TUS Airways’ license