WARSAW May 8 Poland's ailing airline Lot
may need to ask the government for another loan after
its loss last year could have exceeded 200 million zlotys ($64
million), its chief executive was quoted as saying by news
agency PAP on Wednesday.
Sebastian Mikosz was quoted as saying the airline's finances
were currently being audited and that the final decision on
whether LOT needed further state assistance should be made in
two or three weeks' time.
"As the CEO I wish such a need won't be necessary ... But I
must consider the fact that I may have to turn to the Treasury
Minister with such a request (for further financial help),"
LOT, which is currently undergoing a restructuring
programme, already received 400 million zlotys in help from the
Treasury due to continuing losses and mounting debts. It lost
1.1 billion zlotys between 2008 and 2011.
LOT, which began flying in 1929 and is one of the world's
oldest airlines, has been hit by cut-throat competition from
low-cost competitors such as Ryanair and easyJet
, as well as high fuel prices and depressed demand during
Europe's economic downturn.
Poland is now considering scrapping a law which bans the
sale of a majority stake in the airline, hoping the prospect of
outright control could attract buyers.
($1=3.1393 Polish zlotys)
(Reporting By Karolina Slowikowska; Editing by Greg Mahlich)