Poland to pave way for flagship airline LOT's sale shortly
February 21, 2013
LOT CEO Sebastian Mikosz
Poland’s Treasury hopes to shortly approve a restructuring plan for the troubled national airline PLL LOT and an amended law on LOT which opens way to possible sale of the airline, deputy Treasury Minister Rafal Baniak said on Wednesday.
"Treasury Ministry's intention is to adopt this amendment [to the bill on LOT] together with LOT's restructuring plan, which should take place at one of the coming government sittings," Baniak said at the sitting of the parliamentary Treasury committee.
"In Treasury Ministry's opinion it is indispensable to find a business partner for LOT, that is an entity which could take part either in a direct purchase of LOT's shares or would be ready to participate in widely defined restructuring and building a new business model," Baniak argued.
The current bill on LOT has to be revoked as it does not allow for ownership changes.
Meanwhile, LOT suffered a PLN 157.1 million net loss in 2012, deeper than a PLN 145.7 million loss in 2011, materials distributed ahead of the committee sitting showed.
LOT's loss on basic activity amounted to PLN 115 million, while revenues from basic operations hit PLN 3.306 billion.