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.