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Sabena

Sabena stands for: Societe Anonyme Belge d'Exploitation de la Navigation Aerienne otherwise translated as "Belgian company for exploiting aerial navigation".

Operating services from Brussels National Airport from 1923 to 2001, Sabena was the national airline of Belgium which pled bankruptcy in 2001. In February of 2002 SN Brussels Airlines took over part of Sabena's assets.


A HISTORIC AIRLINE IS GONE

Reasons for bankruptcy....

There are plenty of reasons behind the bankruptcy of Sabena. The straight cause was due to Swissair not living up to their contracted responsibilities, lacking the ability to provide essential funding to the airline.

For the duration of the "Hotel agreement" which was signed in 2001 the Belgium Prime minister (Guy Verhofstadt) met with Swissair boss Mario Corti, who decided to add 258 million into Sabena. That money was unfortunately never paid. The airline was forced to obtain 34 new planes, imposed by the Swiss, which ultimately became a load that Sabena itself was unable to manage.

Sabena did not have money to make money; the result was the government was less and less willing to pay for its own mistakes and wanted to brush off all responsibility so an investor had to be found..
 
 
 
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