New investor to help Silesian Air overcome impact of Iraq

Górnośląskie Towarzystwo Lotnicze (GTL), which manages the Pyrzowice airport near Katowice, acquired a financial investor for its regional airways subsidiary Silesian Air. The investor is an unnamed company from Warsaw, which will take over an 85-90% stake in the carrier. GTL president Marek Mutke would also not reveal the value of the transaction, but stated that the contract would be signed today. The investor will increase the company capital by zł. 3 million, which will allow the launching of passenger services. If such services produce zero revenues for the first few months, than it would pump further zł. 13 million in the company. Previous announcements about charter flights to Turkey which Mutke said would be, "The hit of the summer season," are likely to fall flat due to the war in Iraq. Silesian Air will specialize in transporting passengers to hubs and airports not serviced by large international carriers. (Puls Biznesu, p. 10) M.M.