newstodate.aero
Oct 27, 2009 (newstodate): The planned privatization of the Czech carrier CSA has now been called off.
The Czech government has decided to cancel the tender after only one bidder, the consortium of Unimex and Travel Service, eventually placed an offer far below the critical value of the carrier and attached other conditions that were unacceptable to the Czech government.
It now remains to re-think a strategy for the survival of the debt-ridden airline enabling it to survive against all odds.
The privatization process was opened in January, 2009, with 91.5 percent of the shares put up for sale and drew immediate interest from parties including Air France, Aeroflot, the Czech private equity group Penta, and the US investment group Odien Group - that all withdrew after closer looks into the books of CSA.
The Czech government has decided to cancel the tender after only one bidder, the consortium of Unimex and Travel Service, eventually placed an offer far below the critical value of the carrier and attached other conditions that were unacceptable to the Czech government.
It now remains to re-think a strategy for the survival of the debt-ridden airline enabling it to survive against all odds.
The privatization process was opened in January, 2009, with 91.5 percent of the shares put up for sale and drew immediate interest from parties including Air France, Aeroflot, the Czech private equity group Penta, and the US investment group Odien Group - that all withdrew after closer looks into the books of CSA.