Cyprus Airways

2011-2015
On December 21, 2011, Cyprus Airways got a new logo to make the eagle icon more redesigned. The typeface had changed sans-serifs into normal typefaces.

In February 2012, due to the poor financial results of the airline, the Cypriot government announced it would increase the airline's capital and authorized negotiations for the sale of an unspecified stake of the carrier. As of September 2014, Cyprus government owns 93.67% of the airline raised the share capital of the company and sold the state-owned majority of shares. Negotiations were developing with Aeroflot, which was expected to buy the company if an agreement is reached with the Cypriot government. In May 2012, Cyprus Airways announced that interest was expressed by Triple Five Group, the first official announcement concerning a bidder for the sale of the company. On July 23, 2012, the Cyprus Stock Exchange suspended dealing in Cyprus Airways shares, due to the delay by Cyprus Airways in submitting and publishing its annual financial statements for the year ended December 31, 2011. A statement to the Cyprus Stock Exchange on March 4, 2013 gave the results for Cyprus Airways Group for the year ended December 31, 2012 as a loss after tax of €55,8 million in comparison to a loss of €23,9 million in 2011. The European Commission announced on March 6, 2013 that it has opened an investigation into whether the Cypriot government's €73 million rescue loan in December 2012 and €31.3 million contribution to a capital increase in January 2013 are in breach of EU rules on state aid.

On March 13, 2014 Cyprus Airways confirmed the sale of its second slot at London Heathrow Airport to the Lebanese company Middle East Airlines for €6.3 million.

The airline closed on January 9, 2015 following a ruling by the European Commissionthat state aid paid to the company by the Government of Cyprus was illegal and had to be returned by the company. This effectively bankrupted Cyprus Airways. The logo and name is owned by the Republic of Cyprus and it is believed could be revived through either a sale or licensing agreement with another airline, with both Ryanair and Aegean Airlines mentioned as possible partners for a new version of the company, or as simply a trading name for air services to Cyprus. Notably, air connectivity rose by 15 per cent in the first six months of 2016 compared with an increase of 3.6 per cent in 2015, the year when Cyprus Airways went into bankruptcy.

2016-present
In July 2016, the Cypriot government announced that the Cypriot start-up carrier Charlie Airlines was the winning bidder in a competition carried out by the finance ministry about the usage of the Cyprus Airways Brand for a period of ten years. Charlie Airlines has been built by a consortium of Cypriot investors that hold 60% of the airline and Russia's S7 Airlines, that holds 40% as a joint-venture. S7 is currently Russia’s largest domestic carrier and transported 10.6 million passengers in 2015. S7 CEO Vladislav Filev said that the (Charlie) name was inspired by the nickname handed to expatriated Cypriots that had left the island. S7 will provide two Airbus A319-100 aircraft to start operations to destinations in the UK, Greece and Russia. Charlie's filed an application to receive a local Air operator's certificate and acquire the right to use the Cyprus Airways trademarks for ten years for the sum of 2.04 million euros.