From today's ATWOnline:
[quote]Survival of DAT looked uncertain after creditors rejected a debt-restructuring proposal under which eur100 million ($90 million) owed by the airline to Sabena Coordination Centre would be canceled with about half converted into equity in DAT. The Associated Press reported that DAT had until today to reach agreement with the creditors of SCC. Virgin Express and the Belgian carrier have been in negotiations about a possible merger, but such an outcome is dependent upon a successful restructuring of DAT.
Separately, Sabena Technics was granted a eur25 million bridging loan by the Belgian government after it reached an accord with its unions. The deal covers two collective labor agreements: One sets out the practical details of cutting about 700 jobs, or about 35% of the 2,000-person workforce, while the other outlines employment conditions such as hours, internal transfers and job classifications. "We will now focus on maintaining and growing the confidence of the market to ensure the future of Sabena Technics," President and CEO Peter De Swert said. Still, as with DAT, the remission of its debts by SCC is imperative for the company's survival. SCC's creditors are set to decide on the restructuring today.<hr></blockquote>