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Sabena Administrators???

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Sabena Administrators???

Old 6th Nov 2001, 17:31
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Who are the Administrators who have (presumably ) been appointed??
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Old 6th Nov 2001, 17:48
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Why? Considering making an offer? You be able to pick them up cheap.
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Old 6th Nov 2001, 18:34
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Gaza

Someone will have to make sense of all this and deal with Lessors, Banks et al coming to seize their assets

Surely it isnt going to be left to Sabena management to handle.....
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Old 6th Nov 2001, 19:12
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Liquidators will be appointed by the Brussels Commercial Court tomorrow.
 
Old 6th Nov 2001, 19:19
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Guv,

Liquidators or Administrators?
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Old 6th Nov 2001, 20:46
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Presumably some of teh routes that they fly must be profitable, and if it goes into Administration then they would be able to continue on those routes. Would this be a way around LIFO redundancy packages and the Adminstrators would just keep the crews that they wanted. If it is in Liquidation then they would wind it up and sell any assets to pay the creditors, more than likely only a fraction of what they are owed. Ergo wouldn't it be better in Administration, there are a few American airlines that have traded out of deep **** b4 now. What will the union do, I heard one acft asking to divert this morning under orders from his company not wanting the acft togo to BRU due to industrial action.

It would be a shame to see them disappear completely, they had such a good paint scheme.
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Old 6th Nov 2001, 23:27
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Papillon - liquidators. Belgian commercial law doesn't have an equivalent of UK Administration or US Chapter 11 - what SN is in at present is as close as it gets.

They have already tried to asset strip SN by transferring over route licences, slots etc to DAT - not too sure how legal that is though bearing in mind that (a) they could be seen as assets and (b) are not supposed to be transferrable.

I understand the decision to close will be taken at 2100 local/2000Z.
 
Old 6th Nov 2001, 23:54
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OFFICIAL 1941 GMT 06.11.01 BBC just announced Sabena brankrupt, ceasing operations immediately, all over now!
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