Chairman of the PLL LOT Sebastian Mikosz submitted his resignation of the head of the supervisory board; He will assume the duties until 17 September – reported on Tuesday LOT Polish Airlines. Treasury declares surprise and ensures that it is not true that although delays the process, which would allow entry to a LOT investor.
– In support of its decision, the president of Mikosz said that the mission entrusted to him on Feb. 6, 2013 year were 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 of development since 2016. After completing all these tasks, Sebastian Mikosz decided to end their cooperation with the company – explained in a letter sent to PAP.
The delay of the Treasury
Media on Tuesday speculated that the reason for giving up by the President LOT to resign were protracted negotiations with potential investor LOT, the US fund Indigo Partners. “Puls Biznesu” informs that a letter of intent had to be signed in mid-June, but after changes in the leadership of SMEs (including the dismissal of Treasury Minister Wlodzimierz Karpinski) This schedule shifted. The newspaper adds that last week the Treasury sent a letter to Indigo Partners. In the Chancellor of the Exchequer has to thank you for your interest LOT. Inform has also said that analyzed a few scenarios for the company, including the sale of shares, capital increase and consolidation of state-owned companies in the aviation industry.
In the list – according to the “PB” – indicates, moreover, that the final model transformation ownership must approve the analysis of an independent adviser and the corporate bodies of the company, and that they are time-consuming processes and lie outside the competence of SMEs, may not be completed for the current term of government.
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Letter SMEs was surprising for investor …
According to the newspaper Indigo Partners answered yet last week, acknowledging the letter of SMEs as surprising and inconsistent with what announced by representatives of the Ministry, the Board of LOT, the supervisory board of the company, lawyers and advising in the process of investment bank Rothschild.
… surprised is also a resort
Quoted in a press MSP, Deputy Treasury Minister Wojciech Chmielewski, who oversees the department LOT, emphasized: “To our surprise we received the news of the resignation of Sebastian Mikosz as president of PLL LOT so important for the company when the advanced talks with a potential investor. The more that today was convincing the President to submit the company’s request for a capital increase, which would open the way to raise LOT investor, assuming recognize this path as the optimum ” .
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Ministry denied press reports
Deputy Minister also assured that “it is not true that SMEs in any way delay the process,” which would allow entry to a LOT investor. – SMEs led to changes in the Law on LOT. We must, however, be also aware that the acquisition of an investor needs to prepare many documents as such. Business plan and valuation of shares and such a company has not yet presented. The intention of the ministry is to raise investor for the company’s principles of good for both the company and the Treasury, while maintaining all corporate standards necessary for such a complicated operation – he explained.
Chmielewski stressed that the decision to resign as chairman Mikosz, LOT, does not alter the plans of the ministry for the company. – SMEs will lead the investor is negotiating an investment agreement. SMEs appreciates the contribution of Sebastian Mikosz in carrying out the difficult process of restructuring the company, which has brought very good results, and prepared by him trends of the company until 2018. We are convinced that the preservation of the national character of LOT Polish Airlines, developing its network based on a hub in Warsaw, in conjunction with the acquisition of a strategic investor, they are a great opportunity for long-term growth scenario of LOT – he said.
Minister: I do not know why the CEO of LOT resigned
No I know what was the specific reason for the resignation of President LOT – said at a press conference Ewa Kopacz. Prime Minister met with reporters after an away meeting of the government in Krakow.
Ewa Kopacz said that the decision of Sebastian Mikosz already spoken with Chancellor of the Exchequer. The Minister assured her that he twice met with the president of LOT and it was a constructive meeting. – I do not know, then, what was the particular reason that the President LOT resigned – she said.
Prime Minister Kopacz stressed that the carrier should remain in Polish hands. – Our LOT this is our national treasure, we have your brand, it is most important to me – she said. She added that the investor should be well thought out and executed with the agreement – beneficial for the company.
Furgalski decision MSP condemns LOT drift
LOT will be threatened by the lack of development – says Adrian Furgalski, vice president of Economic Advisers Panel TOR. The expert, commenting on the resignation of the president of the LOT Sebastian Mikosz, said that Treasury did not understand the need to find an investor for the national carrier.
Adrian Furgalski in an interview with IAR praised the outgoing president of LOT. – He was the manager who saved LOT and this time introduced him to the path of growth and – as he admitted – this rapid growth is not possible without an investor who will give money, who has the knowledge – said the expert.
deputy head of Economic Advisers Panel TOR added that the head of the fund Indigo is a person with extensive experience in the airline industry. Adrian Furgalski also mentioned that Indigo is committed to building an air hub in Warsaw. However, according to the expert, the current situation may mean that future LOT draws a bleak. – Two or three years for such a drift and do not want to croak that again stand before the information about that entity LOT is at risk, because then it certainly will be the end, due to the fact that for 10 years we can not give the company State aid – rated Adrian Furgalski.
Changes to the elections in background
Probably the October elections will bring changes to the boards of state-owned companies and this is one of the reasons for resignation Sebastian Mikosz.
So the decision of the President of LOT Polish Airlines says Martin Roszkoski, president of the Institute of the Jagiellonian University.
“In support of its decision, the president of Mikosz said that the mission entrusted to him 6 February 2013 year were exhausted” – reads the official statement Airlines. – The presidents of state-owned companies in general have a hard time, because most of them expecting that their mission expires in October. So excuse that the investor has not been approved by the State, an investor with whom he worked CEO of LOT, is good to go, because the October elections will bring changes in the state-owned companies – says the expert.
Sebastian Mikosz was president of LOT twice
The first in 2009; for the second time in February 2013 year. At the end of 2012, LOT became insolvent and it was necessary to state aid for the company.
first tranche of state aid received Airlines in December 2012. – was 400 million zł. The European Commission approved state aid for the company in July 2014. European Commission approved the plan for its restructuring; also considered that the restructuring aid of EUR 804 million zł is compatible with EU state aid rules. Finally, beyond the first tranche of assistance in height. 400 million zł, the carrier second tranche advantage only in part, to give 127 million zł. Last year the company earned for flying 99.4 million zł. It was the first carrier profit in seven years.
LOT shareholders are: the Treasury, which is 99.7 per cent. and TFS shares in Silesia – 0.23 per cent .; the remaining 0.06 percent. belongs to the employees.
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PAP, IAR, Krzysztof Rzyman , abo
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