Sabena to present business plan on Monday
The Belgian national carrier, Sabena, which is 49 per cent owned by the Swissair Group, is to unveil its long awaited business plan on Monday. The plan's credibility is crucial for Swissair, which must decide if it wants to keep its stake in the loss-making airline.
The company’s chief executive, Christophe Müller, is to submit his proposals to Swissair and its co-shareholder, the Belgian government.
A spokesman for Sabena said the plan aims to return the company to profitability within the next few years.
Swissair and the Belgian government earlier this year agreed a capital injection of another SFr600 million ($340 million) to keep Sabena flying.
Swissair, struggling to recover from losses of SFr2.9 billion last year, has not ruled out a complete withdrawal from the Belgian carrier. In the meantime, it’s seeking to re-negotiate an earlier plan to raise the company’s stake in Sabena to 85 per cent.
The new business plan follows a drastic restructuring plan earlier this year between the airline and unions designed to cut costs.
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