Manufacturing Industry
Sabena granted bankruptcy protection
Airline Industry Information, Oct 8, 2001
AIRLINE INDUSTRY INFORMATION-(C)1997-2001 M2 COMMUNICATIONS LTD
A commercial court has granted Belgian national airline Sabena bankruptcy protection and reportedly given the government two months to turn the airline around.
Sabena filed for protection after its co-owner Swissair Group cancelled a USD123m payment and sought protection from creditors itself, The Associated Press reported. The carrier now has until 15 November to present a new restructuring plan.
The Belgian government has granted Sabena USD114m in bridge financing for one month yet this loan is only provisional until approval is received from the European Union.
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.PUB 430 >PD OCTOBER 8, 2001 >JN AIRLINE INDUSTRY INFORMATION .PRICEDATE NOT APPLICABLE .DAY
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