History
Cyprus Turkish Airlines was established on 4 December 1974 in Nicosia with shares equally divided between THY and the Cash Development of the Consolidated Fund of the Assembly of the Turkish Cypriot Community (Konsolide Fonu Inkisaf Sandigi). The first scheduled flight was operated on the 3 February 1975.
In 2005 the Turkish government sold its shareholding to Ada Havayollari.
To avoid bankruptcy due to a $100 million debt, the management had decided to sell the company in June 2010. After the end of the bidding period, the Turkish carrier Atlasjet was the only bidder.
On 21 June 2010, the airline announced via their website that they had ceased all operations until further notice and eight days later, on 29 June 2010 it was announced that the airline had gone out of business.
Read more about this topic: Cyprus Turkish Airlines
Famous quotes containing the word history:
“There is no example in history of a revolutionary movement involving such gigantic masses being so bloodless.”
—Leon Trotsky (1879–1940)
“Indeed, the Englishman’s history of New England commences only when it ceases to be New France.”
—Henry David Thoreau (1817–1862)
“So in accepting the leading of the sentiments, it is not what we believe concerning the immortality of the soul, or the like, but the universal impulse to believe, that is the material circumstance, and is the principal fact in this history of the globe.”
—Ralph Waldo Emerson (1803–1882)