Greek Government denies airline sale in trouble
Greece’s transport minister strongly denied a report today that the government will postpone the privatisation of Olympic Airways, the troubled national carrier.
"All these reports are unfounded," Christos Verelis said. "The selling process is proceeding normally."
The financial daily Naftemboriki said two of four potential bidders, Cyprus Airways Consortium and Australia’s Integrated Airline Solutions, have withdrawn their offers.
The report also said efforts by the two other bidders, Axon Airlines and Restis Group, to each form a consortium had failed.
The government is planning to sell 65% of the cash-strapped airline.
Verelis said, according to the sale’s adviser Credit Suisse First Boston Corp, none of the short-listed bidders has pulled out.
Binding bids for the sale of the airline are due by April 20.
