Olympic gets 6 suitors
From Dow Jones News Service(2/12):
"Six bidders expressed interest in a majority stake in Greece's ailing air carrier, Olympic Airways , transport ministry officials confirmed Monday. The bidders include a group called Olympic Investors; private Greek air carrier Aegean Airlines; the consortium New Wings, led by Greek businessman Pavlos Vardinoyiannis; Golden Aviation, led by ship owner Spiros Restis; Chrysler Aviation; and U.S.-based Wexford fund. Their bids are non-binding.
Also, an Australian-based fund, Integrated Airlines Solutions, requested an extension of its deadline, which had expired Friday, to submit a bid. Olympic Airways has been for sale over the last two years, in successive failed attempts to privatize up to a 65% stake in the cash-strapped airline. Restis and Integrated Airlines Solutions had previously submitted offers.
Officials said Monday that a group of Olympic Airways pilots received reassurance from Transport Minister Christos Verelis that there will be no layoffs when the company is sold. They also expressed their concern that the company's possible sale to Aegean Airlines would hurt competition.
"There will be talks with the interested parties in the coming days before a finalization of the non-binding list," the officials said"