KTHY

AcronymDefinition
KTHYKibris Turk Hava Yollari (Cyprus Turkish Airlines)
KTHYKibris Türk Hava Yollari (Cyprus Turkish Airlines)
References in periodicals archive ?
KTHY and its UK tour operator, CTA Holidays Limited, argued that the ban unfairly restricted Turkish Cypriots and their companies wishing to travel and conduct business with the EU and the rest of the world.
Last week, the civil aviation authority of the(TRNC) suspended all flights conducted by KTHY and suspended its operation certificate since the KTHY was reported to owe nearly 40 million USD to the Turkish Cypriot Civil Aviation Department.
With debts of over $100 million the 'semi-state' KTHY recently sought to stave off bankruptcy by offering a partnership tender to private companies wishing to buy a stake.
KTHY, which current has six planes in its fleet, has been plagued with problems since it was established in 1974.
Ozgurgun said staff of the new company would be chosen from former employees of KTHY.
On Wednesday, KTHY board had decided to go to court, seeking bankruptcy, a move that came after grave financial troubles.
KTHY argued that the ban on non-stop flights unfairly restricted Turkish Cypriots from travelling and doing business with the EU and the rest of the world.
As part of earlier efforts following long-running financial problems and growing debts, at around $40 million, that ended up with a decision on government bailout, Turkish Cypriot government decided to call for bids in May to find a partner to KTHY.
Last week, the civil aviation authority of the TRNC suspended all flights conducted by KTHY and suspended its operation certificate since the KTHY was reported to owe nearly 40 million USD to the Turkish Cypriot Civil Aviation Department.
Releasing a statement on the details of its partnership with KTHY, the national air carrier of Turkish Republic of Northern Cyprus (TRNC), Atlasjet said that the new company would be a 51:49 joint venture established under a 50-50 profit sharing agreement for five years.
The company said even though the operating license of KTHY was suspended by the Northern Cyprus Civil Aviation Authority for three months, they took all risks on a bid to rescue the airline company, adding that they had no choice but to suspend the partnership talks as the administrators and the personnel of the company refused to cooperate.
01 percent of shares in the KTHY, which faced financial difficulties that ended up with a government bailout.