The story
Cyprus Turkish Airlines was established on 4 December 1974 in Nicosia, with shares equally divided between Turkish Airlines and the Cash Development of the Consolidated Fund of the Assembly of the Turkish Cypriot Community (Konsolide Fonu Inkisaf Sandigi). The first scheduled flight took place on 3 February 1975.
In 2005, the Turkish government sold its shares to Ada Havayollari.
In order to avoid bankruptcy due to a $100 million debt, the management 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 its website that it had ceased all operations until further notice. On 29 June 2010, it was announced that the airline had gone out of business.
Timeline
1975—First scheduled flight takes place on 3 February
1976—Airline begins leasing aircraft including DC-9s, Boeing 727-200s, and Boeing 720s
Sales office opens in Kyrenia
1977—Company registered in Istanbul, Turkey
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1981—Scheduled flights to London begin
1990—Two 727-200s purchased
1991—Ground operations staff and cockpit / cabin crew employed
2000—Airline begins leasing two Boeing 737-800s long-term
2002—Upon completion of technical flight hours, all four 727-200s are grounded and sold
2004—Airline begins leasing three Airbus A321-200s long-term
In-flight magazine Caretta re-introduced
2006—ISO 9001-2000 Quality Control System certificate obtained in April
Departure Control System begins operating at Ercan International Airport
Ground services in Turkish airports contracted to HAVAŞ in December
2007—Cyprus Airport Services formed, following on from KTHY's partnership with HAVAŞ
2008—Male cabin staff added
Protocol for flights to Sweden, Norway, and Finland signed with DETUR
2009—First scheduled flight to the Nordics on 7 February, to Helsinki
Charter flights to Italy, Romania, Slovenia, and Hungary planned
Airline receives delivery of one Airbus A320-200
Planned expansion of fleet to 12 aircraft by 2012 announced
2010—Operations cease on 21 June
Bankruptcy declared on 19 September
2014—Re-launch as Karpas Airlines planned for April
From Wikipedia’s article on Cyprus Turkish Airlines, shared under CC BY-SA 4.0.4
