Nordica, LOT sign good intentions agreement
The Estonian state airline Nordica signed a good intentions agreement with the Polish airline company LOT to buy out a 49 percent stake of Regional Jet, a joint venture between the two companies.
The agreement is the basis for continuing negotiations on the terms of the purchase, ETV's "Aktuaalne kaamera" reported on Friday. It is also a precondition for the airline to receive €30 million in state aid.
Nordica hoped to sign the agreement on Wednesday, but this will be delayed as one of LOT's representatives has been exposed to coronavirus. The Supervisory Board of Nordica has approved the preliminary agreement.
In August, the European Commission authorized the Estonian government to support Nordica with €30 million to help the airline cope with the difficulties caused by the coronavirus.
Minister of Finance Martin Helme (EKRE) has previously said LOT should give Nordica a stake in Regional Jet as well as an additional €1.7 million.
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Editor: Helen Wright
