Loftleidir Icelandic is still undecided on a 49% stake acquisition in Azores Airlines, as the Icelandic carrier was only recently pre-qualified by SATA Group and the Autonomous Region of the Azores, and allowed to proceed to phase two.

Loftleidir has not disclosed whether or not it will proceed with the second phase of the privatization process of the 49% stake, according to vice-chairman, Erlendur Svavarsson, as Loftleidir must first analyze the data it now has access to.

Loftleidir Icelandic was the only bidder to be pre-qualified for the stake.

Azores Airlines lost €20.6 million in 3Q 2017, with full year financials to be disclosed soon.