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Potential buyers of Cyprus Airways have until Wednesday to submit non-binding offers for the loss-making national carrier, with Ryanair and Aegean Airlines in the running. Ireland's budget carrier Ryanair said last week that it was ready to submit a firm offer for Cyprus Airways, before the government extended last Friday’s deadline for non-binding offers to September 3. Earlier in August, Ryanair CEO Michael O'Leary met with Cypriot officials and proposed how he could turn the airline into a profitable operation by increasing passenger traffic by 500 percent over three years. He said with the help of his low-cost airline, Cyprus Airways would experience rapid growth with new routes and more flights, increasing passenger numbers to three million a year the current average of 500,000.