NIK: State aid saved LOT from bankruptcy

The Supreme Audit Office (NIK) said in a report that if it wasn't for the state aid of PLN 527 million granted in 2012 for the national carrier, LOT, the airline would go under. The body has critically assessed the restructuring process implemented before that date, saying that "planned revenues and expenditures were unreal, and subsequent restructuring programs were created without a thorough analysis of the causes of the failure of previous actions." NIK said that the restructuring program, implemented in 2012,  partially improved the financial situation of the company, but the results don't indicate that LOT would be profitable over a long-period, thus the existence of the company is still at risk. "Quick, thoughtful and long-term decisions are needed" the report read.