Todays press release from Swissiar;
Swissair Group made offer to Belgian Government to resolve Sabena situation
Zurich Airport, July 2, 2001 – The Swissair Group today made a revised proposal to the Belgian Government to resolve the Sabena situation.
The new proposal provides for the two shareholders, Swissair Group and the Belgian Government, to jointly contribute Euro 275 million to Sabena, which would be immediately available to the company. In addition, Swissair Group would provide a Euro 30 million subordinated term-loan to Sabena.
The Euro 305 million should allow Sabena to continue operating provided the Sabena management meets the operational objectives of their proposed business plan. In return for the Swissair Group’s offer, the 2001 agreement would be reversed and, accordingly, the Swissair Group no longer obliged to increase its stake in Sabena to 85 per cent and would also discharge the Swissair Group from any further financial engagement towards Sabena or the Belgian Government.
For further information please contact
Swissair Group
Financial Dynamics:
[This message has been edited by Sick Squid (edited 03 July 2001).]