sndp
Posts: 534
Joined: Fri Feb 18, 2000 6:07 pm

Sabena Is Saved

Tue Feb 20, 2001 3:02 am

The shareholders of Sabena, SAir and the Belgiuan government agreed to put 10 billion BEF in the airline and SABENA IS THUS SAVED
A great day for BELGIAN AVIATION
 
sndp
Posts: 534
Joined: Fri Feb 18, 2000 6:07 pm

RE: Sabena Is Saved

Tue Feb 20, 2001 3:04 am

PRESS RELEASE FROM SABENA

Brussels, February 19th, 2001

Board takes note of agreement on social measures of recovery plan

Sabena’s two major shareholders will increase the equity by 250 mio EUR

Sabena Board of Directors met on 19 February, under the Chairmanship of M. V. Croes, to evaluate the results of the negotiations regarding the social measures of Blue Sky restructuring Plan.
As a reminder, the two main shareholders of Sabena, the Belgian State and SAirGroup, subordinated an increase of equity of 250 mio EUR to the successful negotiations with employees representatives on social measures able to improve on a recurrent basis Sabena EBIT by 52 mio EUR.
On the basis of the report submitted by Ch. Müller, President & CEO, Sabena Board of Directors stated that an agreement had been reached with Trade Unions and employees representatives on several measures able to generate the expected 52 mio EUR improvement on a recurrent basis. Therefore Sabena’s two main shareholders will subscribe to the issue of share certificates for a total amount of 250 mio EUR at the General Assembly of the shareholders on 23 February.
This is a first step of Sabena recovery plan, allowing the Company to go on, secure its activities, serve its customers and meet its financial obligations.
The Board of Directors has been informed that in the longer run, both main shareholders could re-assess the terms of their partnership. In the meantime, SAirGroup and the Belgian State will fulfil their financial obligations towards Sabena, in the frame of the shareholders agreements signed on 25 January 2001.

 
sndp
Posts: 534
Joined: Fri Feb 18, 2000 6:07 pm

RE: Sabena Is Saved

Tue Feb 20, 2001 3:07 am

All right, the news os posted so I can give some more information now. As said before, today the board af Sabena met, and it was expected that they would only come out with an advise for the shareholder meeting on friday. It now seems that they already agreed to give more money to Sabena, 1 billion BEF (around 25 million Euro) whereas it was planned that this would be decided on Friday.

Note in the press release that this is a first step in Sabena's recovery plan, so more can be expected to make this company profitable, also from the employees.
The nwes about Sabena is starting on the radio, so I will stop writing and will post more information later.

sndp
 
blink182
Posts: 5269
Joined: Mon Oct 18, 1999 3:09 am

RE: Sabena Is Saved

Tue Feb 20, 2001 3:26 am

yeehaw!! now they will stay!
rgds,
blink182
Give me a break, I created this username when I was a kid...
 
flying lsd
Posts: 284
Joined: Mon Feb 19, 2001 1:30 am

RE: Sabena Is Saved

Tue Feb 20, 2001 4:02 am

a very great day for sabena but now i am waiting the board of the Sairgroup of the 2th of april when they will explain the new strategy of Sairgroup.
I think Qualiflyer alliance is dead:
Sairgroup will not inject money in Tap
The second french pole is in very poor financial situation and Reutligger is off now
The Volare italian group is very small and Thy of Turkey have yet divorce d from this alliance

Now we have only SN SR Crossair and LOT .
I think the best solution is to go to Oneworld.

Skyteam with CDG is too close of Brussels and Zurich and Delta left SN and SR 2 years ago.

Star is too strong with LH and Austrian ,they don't need about SR and Europe commission will be against a so "monopoly"

Wings ,yes why not but the US partner is too different:
AA against NW ?

Then Oneworld is the best with AA and BA , London Brussels Zurich with Madrid (IB) hubs and a secondary hub in Helsinki (Finnair)
Sn and SR have yet a partnership with trust immunity with AA.
SR is linked and code-share with Cathay,IB and BA.

Then from 5 alliances ,I think today we go quickly to 4
 
Guest

RE: Sabena Is Saved

Tue Feb 20, 2001 4:39 am

I'm happy Sabena is (temporarely) saved. But if Sair puts the money in they are going to push a new restructuration plan through. And this time it's really going to hurt hard. If there is a new alliance coming up the chance that it's one whithout Sabena is big. I understood that the waiting list of young pilots is long so there is just space enough for moderate optimism. Everybody will have to work hard if Sabena wants to survive. Good luck to all of you.
 
sndp
Posts: 534
Joined: Fri Feb 18, 2000 6:07 pm

RE: Sabena Is Saved

Tue Feb 20, 2001 4:54 am

It is indeed true that it will be difficutl. People will have to work more for less money. But that is the only way in which Sabena can be saved. The only thing we may hope is that SAir takes up its responsibility and turns Sabena into a true partner.
sndp
 
swake
Posts: 227
Joined: Mon Jan 29, 2001 4:47 am

RE: Sabena Is Saved

Tue Feb 20, 2001 5:14 am

Most people will agree that the future of SN and even SR lies within joining a larger alliance. Both companies have too small a market to be able to survive without a global alliance (I guess the Austrians came to realize that earlier). And the choice will be on Oneworld. No doubt that they offer the best synergy effects for both SR and SN, especially the latter with its still strong position in French speaking Africa while its extended European network could offer relief to BA's slot problems at Heathrow. In the end only 3 to 5 large airlines will survive in Europe (look at the evolution in the US!) and then SN woul be better of as a BA-subsidiary rather than a remaining a competing 'partner' of a mediumsized airline.
 
Guest

RE: Sabena Is Saved

Tue Feb 20, 2001 7:18 am

I agree with this last post ... though it will undoubtedly be a hardship for the employees at SN, the sooner the European airline marketplace is rationalized, the better for all concerned ... I'm afraid that means SN as an independent entity will cease to exist.

Who is online

Users browsing this forum: AirIndia, Alexa [Bot], anonms, caflyboy, Focker, hoons90, ikolkyo, tcaeyx, whywhyzee and 182 guests