P.M. BRIEFING : Sabena to Post Major ’90 Losses
Belgium’s national airline Sabena, fighting to survive after British Airways and KLM Royal Dutch Airlines pulled out of a planned joint venture, said today it will record major losses for 1990.
But Pierre Godfroid, who became Sabena’s chairman less than a week ago, has drawn up a radical plan that he said will reshape the company and cure its financial woes before the end of 1992.
“Within this new structure . . . we want to push through a number of strategic and operational improvements. It is urgently necessary to get our company out of the very heavy deficit figures within 18 months,” Godfroid wrote in a letter to the company’s 11,000 employees.
A company spokesman said Sabena will post “very heavy losses” for 1990, but he declined to elaborate.
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