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LOT changes law to attract buyer

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Poland attempts sell the airline to industry and financial investors

Poland’s government wants to clear way for the sale of a majority stake in its unprofitable carrier LOT by changing a law forbidding. The government hopes it will attract buyers for the airline.

The government, which injected EUR€400 million into LOT in December when it warned it was running out of cash, said the possible buyers were deterred by the inability to buy more than 49% of the carrier.

“For years Lufthansa wanted to buy LOT, but after so many political obstacles it walked away and won’t return. And with the current mess, who else would want to buy LOT now?” said Marek Serafin, a former LOT executive.

Reuters

[pictured: LOT head office in Warsaw; photo by Kpalion]

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