Centralwings low-cost on the crossroad

04-06-2007, 10:20

Warsaw (Puls Biznesu) – Although there is no official strategy for Centralwings, the subsidiary of LOT flag carrier, the latter has started implementing new ideas within the firm.

 

Piotr Siennicki, new CEO at LOT, has changed the management at Centralwings, the low-cost subsidiary of Poland’s flag carrier. Maciej Kwiatkowski, Centralwings CEO was dismissed.

“It has been expected for weeks”, one of LOT employees said.

The reason for the changes was the resignation of Adam Glapinski, Centralwings chairman, who has recently become the chairman of KGHM copper conglomerate and is expected to become the CEO at Polkomtel telecom.

 

Some representatives of the aviation industry believe that the dismissal of Kwiatkowski who supported privatization, is the start of the black scenario for Centralwings, in which it gets absorbed by its owner.

“If LOT absorbed Centralwings’ operations, the losses would be even bigger”, a person from Centralwings said.

Meanwhile, within the first four months of this year, the low-cost carrier reduced losses planned for this year from PLN 30m (EUR 7.9m) to PLN 18m.

 

Maciej Kwiatkowski was connected with Tomasz Debski, the ex-temporary CEO of LOT who was in conflict with trade unions. According to his idea, Centralwings was supposed to be privatized. 23 percent of shares were to be sold in the first stage. Although no official negotiations have been started, the company has already received three offers. Two years ago, the value of the company was estimated at PLN 300m and today it may be worth PLN 500-600m. Privatization would help LOT raise funds for new Dreamliner planes.

(PLN 1 = EUR 0.262)

 

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