LJ
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Sabena: Who Will Buy What

Wed Nov 07, 2001 6:10 am

Given the fact that Sabena Group NV will declare bankruptcy tommorrow I wondered who will buy what.

Today, there was a report on Bloomberg that there are already 4 serious bidders for Sabena Technics. Personally I can think of only United Technolgies as a postential bidder but who else?

Other parts which will be sold are probably Sabena Groundhandling (they still have some work as they also do some groundhandling for other airlines). Sobelair will also be sold (probably the reason why they now avoid Zaventem and only fly from Bierset).

Moreover, there is still talk about private investors, banks AND Virgin Express having an intrest in DAT. It keeps you wondering who are those private investors.

Regards
Laurens
 
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 6:50 am

As I understand it, Sabena's ground operations including BFSC will be sold to Brussels International Airport. Virgin Express has no interest in any part of Sabena - that's official - and I understand that thanks to today's strike by SN staff the private investors have got cold feet; not too surprising, really! Big grin Big grin Big grin

Not sure who will be buying Sobelair - Preussag/TUI were looking at it but they withdrew; and if the investors are not there to buy DAT then that will be broken up as well. I understand that VLM might be interested in it though; and it makes a decent enough match. However, that would cause the usual political problems.
 
727LOVER
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 7:32 am

And what the hell are they striking for, if there's no airline???!!!!!
Love Trumps Hate
 
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yyz717
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:11 am

727LOVER.....incredible, isn't it?  Smile

Only in Europe where there is such a high level of union/employee entitlement, that workers of a bankrupt company would strike.

Sounds like they're trying to make air travel inconvenient for everyone in the short term.

Neil/Toronto


I dumped at the gybe mark in strong winds when I looked up at a Porter Q400 on finals. Can't stop spotting.
 
ben88
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:16 am

Striking?? That is ridiculous!!! Talk about beating a dead horse, pretty embarrasing for Belgium.
 
Stratofish
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:29 am

Striking was their way to show their disappointment and anger. SN was already dead and I assume in this situation most of us would have acted the same way. Sure none will praise the SN workers for it, but from my pov they´ve done nothing that would be embarassing.

For the question of who buyes what... It would be logical if VEX reconsiders todays movement once things have cooled down a bit. This is THE chance for VEX or the Virgin group in general to become a major player among european carriers.
The Metro might be the Sub(optimal)way
 
prebennorholm
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:32 am

Dear Yyz717,

Strike in a bankrupt company... Only in Europe...

Well, I have lived in Europe all my days, and I have only heard it happen in one out of roughly 40 European countries, a country representing roughly two percent of the European population.

It's really bizarre. Please don't judge all Europe on that scale.

Regards, Preben Norholm
Always keep your number of landings equal to your number of take-offs
 
Banco
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:41 am

Stratofish,

I suspect what scares VEX off is picking up all of the overheads and social costs of taking parts of Sabena off the liquidators hands. Since aircraft and aircrews, not to mention slots, are going to pretty abundant right now it will work out much cheaper for them to pick and choose from scratch.

I imagine that if there was a strategic reason for buying parts of SN, i.e. before a competitor could, they might consider it. Otherwise, I'm afraid they've probably made the right decision.
She's as nervous as a very small nun at a penguin shoot.
 
Stratofish
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:50 am

Picking up the cheap stuff of what´s left of SN is what I meant with THE chance for VEX.
As it goes for the staff... VEX already employs Belgian staff so I guess they know the working costs.
It´s difficult to do an ex ante analysis of this matter right now. That applies to us, to the ppl at VEX and to everyone else. We´ll see, so of course I was speculating a bit.
The Metro might be the Sub(optimal)way
 
prebennorholm
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RE: Sabena: Who Will Buy What

Wed Nov 07, 2001 8:59 am

Who will buy what?

As for the Sabena airline operation: Forget it. Those who are interested in parts of the former Sabena market share, they will just move in tomorrow. If they are a little short on planes, then plenty of leasing companies are eager to repaint some white tails parked in the south-western US deserts. Maybe a few dozen former SN crew members can find a new job on them.

The subsidiaries: They are most likely burried in debts to well above the chimney top since SN has milked them for all the cash they could.

The creditors are large banks mainly in Belgium and Japan. They will have a hard time to find out what to do. In the end they may have to slash some of the debts in order to be able to give them away. Or they may pay new owners to accept them as gifts including the debts. With several different creditors from different economic cultures it may take years to get the last subsidiary sale settled.

In most cases it should be most profitable for the investors to get rid of them as running companies instead of filing for bankrupcy. So most jobs are probably not in real danger in the near future, unless their work was directly linked to SN airline operation only.

Regards, Preben Norholm
Always keep your number of landings equal to your number of take-offs