Polish carrier LOT sees IPO in H2 2009 at earliest

WARSAW, Aug 20 (Reuters) - The long delayed public offering of Poland's flag carrier PLL LOT [LOT.UL] will take place in late 2009 at the earliest as it restructures to return to profitability, its chief executive said on Wednesday.

Earlier this month, LOT warned the state-controlled airline needed immediate restructuring to avoid a possible cash crunch in the face of rising fuel prices, soaring costs and increasing competition from no frill carriers like Ryanair (RYA.I).

"After the third quarter of 2009, if we find the level of restructuring as satisfactory, it will allow us to move to other strategic targets, including an IPO (initial public offering)," said LOT's recently appointed CEO Dariusz Nowak.

"I wouldn't see it before the end of the second quarter of 2009," he said.

He said new management will decide within a year whether LOT is "floatable".

Poland had planned to sell down its 68-percent stake in early 2009 along with a quarter of the airline in the hands of the administrator of SwissAir -- a hangover from LOT's first failed privatisation.

LOT, which had five chief executives in five years, wants to return to profit in 2010 after an operating loss of as much as 275 million zlotys ($122.2 million) expected this year and 120 million in 2009.

Global airlines have suffered from soaring oil prices and concerns that economic woes would weigh on passenger numbers, with some analysts warning that the weakest carriers may have a difficult time surviving. (Reporting by Marcin Goettig; writing by Chris Borowski; editing by Elaine Hardcastle)