Sabena files for creditor protection

by Canadian Shipper

Belgian airline Sabena has filed for creditor protection following the collapse of Swissair Group, a 49.5% shareholder in Sabena.

The filing took place before Swissair could transfer a life-support payment of eur130 million (US$123 million) to the Belgian carrier.

However, the Belgian government agreed to extend a eur125 million bridge loan to Sabena for a month.

The airline says that it “has the necessary cash to guarantee normal activities for the time being.”

Meanwhile, 57% of employees voted to accept CEO Christoph Mueller’s business plan, including a drastic capacity cut and reorganization of activities toward a more regional airline.

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