Greek businessman Pavlos Vardinoyiannis has presented a new bid for a 51%share of troubled Greek flag carrier Olympic Airways. His last attempt to control Olympic collapsed after the Australia-based Integrated Airlines Solutions (IAS) consortium was unable to provide proof of its ability to pay the €102 million ($101 million) asking price.

Vardinoyiannis and the Greek pilots' union, also involved with IAS, has returned with an increased bid of €125 million. OIympic Catering is to be sold separately.

The Greek pilots' union has offered to take 10% of the 51%t that Vardinoyiannisis bidding for. If successful, the new consortium will be named New Wings and will proceed with talks to establish a new Olympic Airways. The Greek government will need to approve the bid.

Local press report charter company Chrysler Aviation has also submitted a bid for a majority stake in the airline. Unless it gets fresh investment, Olympic Airways is unlikely to survive.

Source: Flight International