EU Approves State Aid for Poland’s Struggling LOT Airline

Brussels, July 29 (QNA) -The European Union signed off Tuesday on 804 million zloty (194 million dollars) in state aid for Poland’s struggling LOT airline, saying that the carrier appears to be on its way back to financial health.

“LOT has prepared a credible restructuring plan that should make it a viable company in the near future,” EU Competition Commissioner Joaquin Almunia said in a statement.

The plan aims to make the state-owned airline viable again by 2015.

It has posted losses since 2008, dpa reported.

Almunia noted that the company has given up “profitable routes and slots at several congested airports,” which should prevent the state aid from giving LOT an undue advantage over competitors.

The airline employs about 1,660 people and operates a fleet of 47 planes, according to the European Commission, the EU’s executive.(QNA)

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