LOT receives expressions of interest from six parties
LOT Polish Airlines CEO, Sebastian Mikosz, stated it has received interest from four aviation companies and two private-equity funds to acquire it (Bloomberg, 07-Jun-2010). The carrier’s plan to return to profitability in 2010, including a cost cutting plan which will reduce staff by 12%, is helping it to attract interest. The carrier is 93% owned by the Polish Government, which is seeking to privatise the airline. The remaining 7% is held by LOT employees.
LOT: “We’re not the only one on the market who is looking for an investor, but at the same time, it’s a very good moment. We completed the phase of sending teasers, and now we’re in a situation where we have a few airlines and a few investment funds interested,” Sebastian Mikosz, CEO. Source: Bloomberg, 07-Jun-2010.