The troubled privatisation of Olympic Airways is again in disarray, with Athens delaying its deadline for binding offers and the interest of at least two of the anticipated bidders apparently cooling.

Bids had been due by 20 April, but the Greek Government has shifted the date to 15 May. The Restis group is reported to be close to pulling out, as is the Cyprus Airways group.

Steelworks owner Theodoros Angelopoulos is a possible new bidder, but sources say he is seeking a fresh formula for investment and is not interested in joining the bidding process.

Source: Flight International