AIRLINES : Sabena Tells Restructuring Plan
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BRUSSELS — Sabena, Belgium’s money-losing national airline, today unveiled a state-backed restructuring program that includes deep job cuts and a cooperation agreement with British Airways.
Chairman Pierre Godfroid told a news conference that Sabena SA posted an operating loss of $219.8 million in 1990 but he said this will narrow to $142.4 million this year.
He also said Sabena has reached a working agreement with British Airways, Britain’s flag carrier. “We decided on the commercial and industrial level to work together,” he said.
Sabena said 2,200 jobs will be cut from its 11,800-member work force. The aim of restructuring is to return the company to a $20-million operating profit by 1992, to boost capital to $1 billion and to conclude an alliance with another airline.
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