April 14, 2005
Four companies have submitted binding bids for Greek national carrier Olympic Airlines in the latest privatization attempt by the government, financial daily Imerisia reported on Thursday.
Private carrier Aegean Airlines was the first to confirm its interest on Wednesday, saying it had put in a binding bid for Olympic, its rival on domestic and some international routes.
German budget airline DBA, Dutch investment vehicle Sure Estate and a consortium called Olympic Investors have also tabled binding bids, Imerisia said, quoting unnamed sources.
It added that Sure Estate appeared to be the front runner as it was offering a higher bid than the others.
A short list of final bidders is expected on April 17, according to Imerisia, which added that Olympic Airlines posted an EUR88.5 million (USD$113.4 million) loss in 2004, more than tripling the loss in 2003.
Greece is selling the carrier as part of a privatization drive to raise revenues to pay down its public debt, one of the highest in the euro zone. It has said the latest attempt is Olympic's last chance for survival.
Cheers,
White Cap
