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Sabena/Swissair  
User currently offlineMAC100 From United States of America, joined Oct 2000, 260 posts, RR: 0
Posted (13 years 1 month 4 weeks 13 hours ago) and read 757 times:

Any thoughs on this press release?

Swissair Group surprised and dismayed at the Belgian Government’s rejection of its revised proposal to resolve Sabena situation

Zurich Airport, July 3, 2001 - Swissair Group is surprised and dismayed to have received this morning an immediate rejection of its revised proposal to resolve the pressing Sabena situation, which it submitted to the Belgian Government yesterday (July 2).

The new proposal – which involves Swissair Group and the Belgian Government jointly contributing Euro 305 million to Sabena – would guarantee Sabena’s future based on the operational objectives agreed by Sabena’s management in its proposed business plan.

Commenting on the situation, Swissair Group’s Chairman and CEO Mario A. Corti said “It is with astonishment that I have received from the Belgian Government this morning a summary rejection of the one proposal on the table which will ensure Sabena’s future without even discussing the matter with the parties concerned. Swissair Group is not willing to finance loss-making airlines indefinitely. Without our plan being accepted, the future of Sabena now looks increasingly in doubt.“

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