Swissair crisis fuels search for new investor in LOT

The State Treasury is looking for a new investor in LOT Airlines in the wake of the threatened demise of Swissair, which owns a 37.6% stake in the national carrier. However, according to Gaby Estemon, a Swissair press spokesperson, no decision has yet been made to sell the company's stake in LOT, for which it paid $180 million. Swissair yesterday grounded all its flights, the day after two Swiss banks, UBS AG and Credit Suisse group, took control of the troubled carrier. Swissair is negotiating with the two banks in order to guarantee funds for reopening the business. According to Rzeczpospolita, talks on the sale of LOT's shares will be held soon in London with British Airways, and in Oslo with Scandinavian Airlines (SAS). LOT spokesman, Leszek Chorzewski, said yesterday, "The problems of Swiss air do not directly impact on our company." (Rzeczpospolita, p. B1, Gazeta Wyborcza, p. 21, Prawo i Gospodarka, p. 4) P.W.