According to FlightGlobal, Lufthansa has formally engaged Morgan Stanley to look into a potential sale of BMI
Lufthansa is struggling with BMI (and part of it is it’s own fault for not sorting out Donnington Hall), and are considering all options – including the sale of the airline, finding a partner or getting BMI back to profitability by some magic means that has yet to be defined.
A timescale for the sale has not been disclosed or advised, although lets face it – Lufthansa would want to be shot of it sooner rather than later as it is bleeding money. This could mean either the sale of the units of BMI, or going after the crown jewels – the sale of the London Heathrow slots and disposing of the airline.
Of course, as Lufthansa were “forced” to buy BMI from Sir Michael Bishop, the chances of Lufthansa regaining their initial investment seems remote.
BMI last week appointed Vagn Ove Sørensen, replacing Wolfgang Prock-Schauer as the CEO of BMI, citing Sørensen’s “experience with corporate restructuring is of particular importance and value to the company in this crucial period”,
Diamond Club Card holders and BMI flyers in general – hang on… like the last two years since Papa Lufty took over – this could be rougher than normal…..
