Part of complete coverage on
Polish flag carrier emerges from turbulence
May 25, 2012 -- Updated 0907 GMT (1707 HKT)
- The Polish government has tried to privatize LOT since 2008
- LOT flies to 59 destinations and employs over 2,800 staff
- It will be the first European carrier to fly the new Boeing 787 Dreamliner
(CNN) -- The Polish government's loss-making national flag carrier, LOT Polish Airlines, has been on the block since it lost more than $260 million in 2008. But now, as it emerges from the red, a deal may be on the horizon.
"For the last 12 months we've been trying to identify the best investor for LOT, and we have [had] quite advanced conversations with potential partners," LOT's President and chief executive Marcin Pirog told Marketplace Europe.
I believe that between now and the end of summer one of them will sign exclusivity agreement
Marcin Pirog, LOT's President and CEO
"I believe that between now and the end of summer one of them will sign exclusivity agreement," he added.
Consolidation is a consistent theme across the troubled airline industry. As the economic slowdown bites and airlines face rising fuel costs and weak passenger demand, airlines mergers are shaping up as a necessary measure, according to Vaughn Cordle, chief analyst for AirlineForecasts, who spoke to CNN earlier in May.
According to Pirog, the consolidation process in Europe will continue apace. "I believe that consolidation is in front of us, not behind us, because it's still a very fragmented market," he said.
LOT was established in 1929, making it one of the world's oldest airlines. It now has more than 2,800 staff and flies to 59 destinations in Europe.
It was the first carrier in eastern Europe to fly western-made Boeing aircrafts and later this year it will become the first European carrier to fly the new Boeing 787 Dreamliner.
Pirog hopes that their new, bigger, fleet of Dreamliners will help them push into Asia. "In the near future we want to open new destinations in Asia to balance our North Atlantic destinations and to have more and more connections to Asia," he said.
Pirog added: "We are not only the strongest player in this part of the world, central eastern Europe, but we can be a ...very good partner for one of the biggest airlines and profitable airlines in the industry."
Part of complete coverage on
November 14, 2013 -- Updated 1706 GMT (0106 HKT)
Peer at the windows and you'll spot big colorful chairs, plastic plants and a huge bed, but this is no department store.
November 19, 2013 -- Updated 1006 GMT (1806 HKT)
There once was a time, many years ago, when the sounds of bagpipes struck fear into the stomachs of Englishmen.
November 11, 2013 -- Updated 1116 GMT (1916 HKT)
Greece is on the way to economic recovery as investor faith returns to the recession-ridden eurozone nation, an executive at Greece's largest bank has told CNN.
November 8, 2013 -- Updated 1200 GMT (2000 HKT)
Could Greece's famous spice help the country's farmers through a four-year long economic crisis.
November 1, 2013 -- Updated 1307 GMT (2107 HKT)
One of the masterminds behind the euro says Europe would have suffered a far worse fate if the single currency had never been created.
October 31, 2013 -- Updated 1741 GMT (0141 HKT)
Nina Dos Santos visits the Dutch city where the European treaty carrying the city's name came into force 20 years ago.
October 25, 2013 -- Updated 1510 GMT (2310 HKT)
As Spain continues its drive to slash budgets and cut spending, one of the nation's favorite pastimes is under threat as ministers look for ways to boost productivity.
October 24, 2013 -- Updated 1617 GMT (0017 HKT)
The high commissioner of Brand Spain talks about getting the country back on its fee and attracting business.
October 17, 2013 -- Updated 1632 GMT (0032 HKT)
Jim Boulden looks at countries that have come to the brink, and even defaulted on their debt in the past.
October 17, 2013 -- Updated 1625 GMT (0025 HKT)
The head of the International Monetary Fund is warning European governments against complacency after growth returns to region.
November 7, 2013 -- Updated 1659 GMT (0059 HKT)
Portugal will avoid a second bailout when its current financial aid program expires in the spring of 2014, according to the boss of the country's largest energy provider.
October 11, 2013 -- Updated 1122 GMT (1922 HKT)
Could the Portuguese staple of sardines become one of the hooks which would lift the Iberian nation out of recession?
September 26, 2013 -- Updated 1720 GMT (0120 HKT)
Isa Soares sits down with the CEO of Henkel Kasper Rorsted for his take on what Merkel's win means for German businesses.
September 28, 2013 -- Updated 1406 GMT (2206 HKT)
As Germany's switchover from nuclear power gathers pace, concerns are mounting over the cost to the country's already squeezed consumers.
September 20, 2013 -- Updated 1655 GMT (0055 HKT)
The financial crisis has driven a wedge through Europe, with two economies emerging and -- more dangerously -- a psychological split between the north and the south, European leaders have told CNN.
September 26, 2013 -- Updated 1224 GMT (2024 HKT)
German Chancellor Angela Merkel seems the antithesis of a modern-day politician. Nina dos Santos explains why this works.
September 9, 2013 -- Updated 1250 GMT (2050 HKT)
The use of chemical weapons in Syria is a "tragic mistake" but Italy will only participate in military action with the approval of the United Nations Security Council, according to the country's finance minister.
September 13, 2013 -- Updated 1018 GMT (1818 HKT)
What a difference a year makes. Last year, delegates at the Ambrosetti Forum in Italy had a lot to contend with. The air feels a little different now.
Today's five most popular stories