Slovenia is inviting bids for 74.87 percent of flag carrier Adria Airways, kicking off a drive to sell state assets promised by Janez Jansa's conservative government, which is struggling to narrow the budget gap.
Slovenia's state news agency STA said on Wednesday the international tender was called by the Capital Assets Management Agency AUKN and interested parties should submit non-binding bids by September 10.
The stake is being sold by the state and four banks, which together hold 99.87 percent of Adria stock.
The banks are the biggest local lender, Nova Ljubljanska Banka (NLB), Hypo Alpe Adria, Unicredit, and private Abanka and together hold 27.94 percent of Adria.
The invitation for bids was published in the Financial Times, Wall Street Journal and the trade magazine Flight Global, AUKN said.
Adria Airways, which posted a first-quarter net loss of EUR€8 million, received a EUR€50 million capital boost in September 2011 and is now undergoing restructuring after failing to find international strategic partners.