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Old 5th Oct 2001, 03:52
  #6 (permalink)  
The Guvnor
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Cool

Silversurfer - Sobelair has been sold to TUI/Prussag.

One of the prinicpal causes of CityBird going into bankruptcy was the unilateral cancellation of a contract by Sabena for the lease of two MD11s. This cost them 2,5bn BFR (US$56.54m) in annual revenues and they had to pay Boeing Capital 3.5bn BFR (US$79.15m) as part of the early termination settlement as a result.

As a result of this, in 2000 it had a net loss of €62 million on revenues of €48.4 million!

Rather ironic really - whilst SN is whinging about being badly treated by SR, they are doing exactly the same to their competition!