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...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...

Author: /time Magazine | Title: The Last Days of Sabena | 10/20/2002 | See Source »

British Airways has seen its profits fall to $7.3 million for the third quarter, compared with $290 million a year before. Belgium's Sabena is bankrupt and has suspended operations and Swissair, also bankrupt, has remained aloft only with government help...

Author: /time Magazine | Title: Grounded for How Long? | 12/3/2001 | See Source »

...airlines were in big trouble anyway," says Toby Nicol, a spokesman for cut-rate easyJet. "Now they're trying to wiggle out of playing by the rules." A competitor would say that, of course, but he has a point. Before Sept. 11, debt-burdened Swissair, which owned 49.5% of Sabena, was already suffering from a costly expansion strategy that had contributed to $1.7 billion in losses last year. Even far healthier BA had airline analysts worried before the attacks. It had embarked on a risky course to shift its business toward high-end flyers, cutting capacity while spending money...

Author: /time Magazine | Title: Grounded for How Long? | 12/3/2001 | See Source »

Like the big U.S. carriers, Europe's major airlines--many of which were already struggling before Sept. 11--have been crippled by the drop in transatlantic traffic and passengers' reluctance to take to the skies. Belgium's Sabena declared bankruptcy earlier this month, the day after B.A. announced that its pretax profits for the third quarter had plunged from $290 million to $7.3 million and that it was expecting a significant loss for the year. But not all European carriers are struggling. Ryanair, easyJet, Buzz and Go--inspired by U.S. discounting pioneer Southwest Air--concentrate on short-haul routes...

Author: /time Magazine | Title: Business Travel: Cheap Euro Airfares | 11/26/2001 | See Source »

...Sabena, which is 49% owned by Swissair and has had only one profitable year in its 40-year history, bankruptcy loomed closer last week after management and unions failed to agree on a plan that would cut 550 jobs now and 900 through attrition. "Everybody has to know that the only alternative to the business plan is the closure of the company," said ceo Christoph M?ller. Sabena will hold a vote of its workers this week in an effort to win approval for the rescue plan. Swissair agreed earlier this year to give Sabena $227 million...

Author: /time Magazine | Title: Fighting To Keep The Planes Aloft | 10/8/2001 | See Source »

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