LOT privatization adviser picked
The consortium was chosen over eight other bidders.
"We feel we have a very good picture of the airline's strengths and weaknesses, and a vision of what it can be in the future," said Maciej Olex-Szczytowski, head of Central Europe in London-based Dresdner Kleinwort Benson last week. "However, we obviously now have to confront our external ideas with the internal reality, to come-up with a considered diagnosis and recommendations for the privatization."
Analysts said the privatization of the carrier is a particularly sensitive task, as the airline in a bid to counter growing competition by building up its fleet has taken on extensive financial obligations. At the same time, the state-owned company reported a loss of zl. 110 million ($31.8 million) in 1997.
Although Olex-Szczytowski would not discuss specifics of the privatization strategy he did not exclude the possibility of a strategic partner for the carrier, which carried 2.28 million passengers last year..
"Irrespective of the detailed privatization which may be adopted we will seek to maintain the identity of LOT as Polish national flag-carrier," he added.
While the issue of a strategic investor is not yet decided, it is almost certain that the company will go public in the first half of 1998.
"We feel we have a very good picture of the airline's strengths and weaknesses, and a vision of what it can be in the future," said Maciej Olex-Szczytowski, head of Central Europe in London-based Dresdner Kleinwort Benson last week. "However, we obviously now have to confront our external ideas with the internal reality, to come-up with a considered diagnosis and recommendations for the privatization."
Analysts said the privatization of the carrier is a particularly sensitive task, as the airline in a bid to counter growing competition by building up its fleet has taken on extensive financial obligations. At the same time, the state-owned company reported a loss of zl. 110 million ($31.8 million) in 1997.
Although Olex-Szczytowski would not discuss specifics of the privatization strategy he did not exclude the possibility of a strategic partner for the carrier, which carried 2.28 million passengers last year..
"Irrespective of the detailed privatization which may be adopted we will seek to maintain the identity of LOT as Polish national flag-carrier," he added.
While the issue of a strategic investor is not yet decided, it is almost certain that the company will go public in the first half of 1998.
