Word: sabena
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Dates: during 2000-2009
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...Langendries' 15-member commission. While sometimes contradictory and self-serving, their testimony adds up to a devastating indictment of the way Sabena was run. It's the tale of a chronically undercapitalized and uncompetitive company driven to ruin by a flawed expansion policy and an ill-fated alliance with Swissair. And throughout, a passive and heavily politicized board of directors signed off on one strategic blunder after another. Langendries says he doesn't want to pre-empt the commission's official findings, which are due by the end of the year, but one conclusion is indisputable. "There were bizarre goings...
...Sabena's final months were an ugly mess. Up in arms over Müller's proposed cutbacks, unions staged work stoppages and at one point blocked a Swissair plane on the runway in Brussels. Swissair abandoned its hunter strategy and kicked out its CEO in early 2001 after reporting a $1.9 billion annual loss. It reneged on agreements to raise its stake in Sabena to 85% and inject more funds. The Belgians sued, and a compromise was finally agreed. Then came the terrorist attacks of Sept. 11. Air traffic worldwide nose-dived. Within a month, Swissair grounded its fleet...
...Sabena files for a "concordat," creditor protection...
...Brussels commercial court declares Sabena bankrupt...
...Belgian parliamentary commission examining Sabena collapse, headed by Raymond Langendries, starts work. Belgian prime minister scheduled to testify...