Czech Airlines remain in state hands

26-10-2009

The Czech government has decided not to sell its majority stake in the national carrier, Czech Airlines. It based its decision on Monday on a recommendation by the Finance Minister Eduard Janota. The decision means that a 92 percent share in the troubled carrier will remain in state hands. The Czech-Icelandic consortium of Unimex/Travel Service was the only remaining bidder in the tender, after Air France-KLM dropped out. Czech Airlines has posted record losses this year, leading to a new CEO, Miroslav Dvořák, being named last week. He has negotiated wage cuts with the unions.