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Three weeks deadline for "Olympic'" negotiations

14 February 2009 / 15:02:09  GRReporter
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Three weeks delay of the “Olympic” negotiations was asked from Marfin investment Group and the Greek government agreed. “We are one step closer to reaching an agreement,” said the MIG president Andreas Vgenopoulos and stressed that the goal is to save “Olympic” and to continue its flights because it is part of the Greek history. “We want new airplanes, good service, and an airline, which will make us proud,” said Vgenopoulos. To the question whether people working at the airline will lose their jobs, the MIG president answered that this question should be answered by the government and not by the investor. Despite this he said that many new positions will open in the new airline, most of which will be taken by “Olympic” employees.

It became clear that the financial group has given an offer to buy “Olympics’” flying operations and the technical support base of the airplanes. They are valued to ?45.7 million for the flying operations and ?16.7 million for the technical base. Swissport has given an offer for the passenger land service base valued for ?44.8 million. All offers, together with acquiring the stocks of the new airline “Panteon” come up to ?177.2 million – price, which “Olympic” will be sold for.

The government does not exclude the possibility to look into a new offer if a third investor joins the negotiations.

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