LOT without a pilot. What next for privatization? – Wyborcza.biz

“Sebastian Mikosz submitted to the chairman of the supervisory board resigned from the president of LOT Polish Airlines. It will be performed his duties until 17 September” – has announced Airlines. “In support of its decision, the president of Mikosz said that the mission entrusted to him 6 February 2013 r. Exhausted. It consisted of saving the company from bankruptcy, develop and implement a restructuring plan in an EU procedure for aid and finding an investor, so that LOT could enter the path development since 2016. ” – It reads.

Not before the election?

Recently, it was revealed that buying LOT is interested in well-known fund Indigo Partners, which include investor in Wizz Air. As a first wrote about it, “Puls Biznesu”.

To share LOT became the new investor, the Polish airline had come to the capital increase. But the whole process is stalled, because the Ministry of Treasury changed the minister (Vladimir Karpinski in June was replaced by Andrzej Czerwinski) and Minister responsible for the flight (Rafal Baniak was replaced by Wojciech Chmielewski).

According to our information, that the President Sebastian Mikosz had resented the Treasury that the process of raising capital and finding an investor to stretches. Mikosz Sam did not answer the phone yesterday.

– persuaded President Mikosz to remain in the company – he says, “Election” Wojciech Chmielewski, Deputy Treasury Minister. In his opinion, the resort still is interested in the privatization of LOT. But it emphasizes that the sale of the carrier requires keeping certain procedures. – Assuming that you have chosen a variant of the capital increase and taking up new shares by the investor are needed for this, among others, adequate business plan and ensure the Exchequer output capabilities of the company – says Chmielewski. For this it is necessary to first consent of the Supervisory Board of LOT, then the Treasury and the government. And it takes time. Chmielewski provides that, in connection with confirmation by the investor interest in LOT ownership transformation process continues.

– The government is afraid of the sale LOT before the election – speaks directly Adrian Furgalski, vice president of Economic Advisers Panel TOR. – Because it can cause a media clamor about the “sale silver rhodium.”

Mikosz – a crisis president

Sebastian Mikosz was president of LOT twice. The first time was the spring of 2009. He was a year and a half.

For the second time – in February 2013. He did what a few months ago seemed impossible. LOT was then insolvent. Would have fallen, but in December 2012. Received emergency zł 400 million from the government. The total value of the aid was to be as high as 780 million zł. Subject to the approval of state aid by the European Commission was the introduction of a restructuring plan. Airlines have, among others, reduce employment and reduce the number of connections.

This brought results. In December last year the carrier announced that due to better results does not use all the help. Eventually, the government gave LOT those 527 million zł. Last year, LOT flying grossed 99.4 million zł. This is the first operating profit since 2007.