Gość: jacek
IP: *.neoplus.adsl.tpnet.pl
01.10.05, 18:47
September 23, 2005
Greece has given its ailing carrier Olympic Airlines temporary protection
from creditors after an adverse EU Commission ruling on state aid made the
government's effort to privatize it more difficult.
In an amendment to an education bill voted into law by parliament late on
Thursday, Olympic Airlines and Olympic Airways-Services were granted
protection from creditors until February 28, 2006.
"It is imperative that the European Commission's decision be studied in
depth... to determine whether the continuation of the privatization tender is
possible," said a document issued by parliament on Friday, explaining the
reasons for the amendment.
Earlier this month, the EU executive ruled that Olympic Airways and its
successor, Olympic Airlines, must repay as much as EUR540 million (USD$655
million) in illegal state aid to the Greek government.
In August the government signed a preliminary agreement to sell Olympic
Airlines to investment group Olympic Investors-York Capital.
Despite the setback of the ruling from Brussels, the government is continuing
talks with candidate buyers and has said it will exhaust all margins to
clinch a sale.
(Reuters)
