Romanian low cost airline Blue Air will participate in the privatization process of Cyprus Airways. The company will team up with investment fund Renaissance Capital to make a bid, Blue Air announced.

The company’s representatives have already made a visit to Cyprus where they had several meetings with Government officials and representatives of KPMG, which is the consultant for this privatization.

Blue Air didn’t disclose any of the technical details of the deal, due to the confidentiality agreement signed with the Government of Cyprus.

Blue Air managed to recover after going through insolvency in 2012. The company that previously held the Blue Air brand went bankrupt last year, but Blue Air’s operations, including the brand were taken over by a new company, owned by Belgian and Romanian investors, following a EUR 30 million deal.

“If one year ago all the questions we were receiving from the press were about Blue Air’s financial situation and there were question marks relating to the company’s economic viability, today we are proud to communicate that for us this is a closed chapter and that we are looking to the future,” said Gheorghe Racaru, general manager of Blue Air.

Blue Air has a fleet of eight planes and has flights from Bucharest, Bacau and Sibiu to 19 destinations in Europe.

Cyprus Airways operates 6 planes and has 19 routes to Europe and Middle East.

Andrei Chirileasa, andrei@romania-insider.com