According to RTBF, Sabena will file for bankruptcy on November 5th, shortly after a newly set up company has taken over its profitable European and intercontinental flights.
The new carrier will receive from Sabena the traffic rights to its non European destinations, all of Sabena's slots (which were actually sold to DAT yesterday) and the designated carrier status - though I'm not sure how they can do that as that isn't transferable!
The new company would in effect be a merger
between DAT and about half of Sabena airlines and would inherit following aircraft: 6 x BAe-146, 13 x RJ85, 12 x RJ100, 12 x A319, and 5 x A330.
Sobelair, Sabena's charter devision, using B737 and B767 planes, would also be saved from bancruptcy thanks to TUI (is't biggest client) and a management buy-out. This is also rather interesting, because TUI/Preussag turned them down flat not that long ago!
All SN ground services such as catering and ground handling would be purchased by BIAC, the state owned Brussels airport authority.
Sabena Technics would be sold off to an unidentified foreign investor.
The only part of Sabena for which no purchaser has been found is SSES, the Sabena/SNECMA Engine Shop, as co-owner SNECMA did not want to participate in any kind of restructuring plan. This would mean SSES will be the only part of the national carrier which would actually have to be liquidated after November 5th.
RTBF did not say how the EU would view all of this - and in particular the non-repayment of the loan that was made a few weeks back (and okayed earlier this week); and nor did it say who the owners and financiers of the 'new' airline would be.
Indeed, as with most things related to the Belgian government, it appears rather murky!
And today's hot tip is 'Cumzinlast' in the 4:40 at Wincanton; offering slightly better odds than an investment in SN at 150:1