The Rzeczpospolita daily estimated in April the company was worth between 150 to 220 million euros. If SAir Group’s 25 percent share in the company was sold for 12 million then this puts the current value of the national airline at a poultry 50 million euro.

Ten years ago SAir Group paid 550 mln złotys (122 million euros at present euro exchange rates) for a 37 percent share.

SAirGroup, the old controller of Swissair, bought a stake in LOT in 1999 as part of an expansion policy which ultimately contributed to the airline’s demise in 2002. Since then the Polish government has been looking at ways to re-establish full control of LOT before it goes ahead with full privatisation plans later this year.

The Czech CSA airline, which Air France is interested in purchasing, is estimated to have a value of 185 million euros. Industry experts say that one reason for the disparity in the price of the two companies is that the Czech airlines base in Prague is an important hub in Central Europe, in contradiction to Warsaw.

LOT also has no assets, beside offices equipment and its brand. The carrier rents both its aircraft and headquarters at Okecie airport in Warsaw.

LOT made over 200 million euro losses in 2008. Last week it was reported that Lufthansa airlines is interested in taking control of the ailing Polish airline.