A sad day. Brought down by poor management and inability to recognise their problems. A legacy carrier that couldn’t compete. I remember conversation with their chief pilot’s wife in departure lounge at BHX, when CY’s problems were starting, that was 10 years ago. A small country that has now experienced the demise of both CY and Eurocypria.
My cynical view is that it will re-emerge with a different name but with the same problems if those who oversaw demise are involved in rescue plans.