The Greek Government has selected privately owned Athens-based Axon Airlines as the preferred bidder to acquire a majority stake in ailing state carrier Olympic Airways. Officials are to begin a month of negotiations with Axon. Meanwhile, the authorities say they want to hold talks with two other bidders, Cyprus Airways and Australia's Integrated Airline Solutions. While Axon was chosen as the preferred bidder because of the financial deal it offered, sources in Athens say that the Cyprus Airways package was most attractive for the operation of the airline. The Greeks are said to be interested in a joint offer from bidders. Olympic Airways has debts of more than $100 million, and a cash injection is needed by the end of the year.

Source: Flight International