Word: belgians
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Dates: during 2000-2009
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...Swissair refuses to participate in recapitalization plan and backs away from commitment to take a majority stake in Sabena. Belgian government files suit...
...gamble, one of those hugely risky decisions that can make or break a company - and in this case broke it. In late 1997, the Belgian airline Sabena was poised to order 17 new Airbus planes, to renew and expand its fleet of 37. At the last minute, the order mysteriously doubled to 34 aircraft. The price tag would be $1 billion - five times the company's entire capital at the time. Even more surprisingly, Sabena's board of directors had neither a business plan justifying the higher number nor a watertight financing arrangement in place when they approved the deal...
...oldest European national carriers, Sabena ended as the largest business failure in Belgian history. Here's how they went from highflyers to bankrupts...
...Secret deal at Hotel Astoria between Belgian Prime Minister and Swissair CEO. Swiss to inject €258 million but not raise stake in Sabena. Suit is dropped...
...Belgian parliamentary commission examining Sabena collapse, headed by Raymond Langendries, starts work. Belgian prime minister scheduled to testify...