December 11, 2012 / 5:56 PM / in 5 years

Polish carrier LOT applies for $127 mln state aid

WARSAW, Dec 11 (Reuters) - Polish airline LOT has applied for 400 million zlotys ($127 million) as a first tranche of state aid, the Polish treasury said on Tuesday.

The state-controlled group has been loss-making in the past few years, squeezed by competitors such as Ryanair and the rising cost of fuel.

Poland, which directly and indirectly controls 93 percent of LOT, has failed in its attempts to find an investor. Talks with Turkish Airlines collapsed several months ago.

The treasury did not say the total amount of state aid LOT planned to apply for.

A LOT spokesman said: “I can only say that we will be conducting deep restructuring. We are meeting our workers tomorrow and this is when more information will be available”. ($1 = 3.1457 zlotys) (Reporting by Maciej Onoszko; Editing by Dan Lalor)

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