=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/01/15/f= inancial1338EST0162.DTL ---------------------------------------------------------------------- Tuesday, January 15, 2002 (AP) Creditors agree to rescue plan for DAT, Sabena's successor company RAF CASERT, Associated Press Writer (01-15) 10:38 PST BRUSSELS, Belgium (AP) -- Creditors of bankrupt Sabena approved a financing plan Tuesday for a new, slimmed-down airline that would save 6,000 jobs and spare Belgium the embarrassment of having no national flag carrier. Bankers Etienne Davignon and Maurice Lippens said they had raised the necessary $267 million to keep the former Sabena subsidiary Delta Air Transport flying. With a deadline looming, they also secured the vital approval Tuesday of all creditors of Sabena's former in-house banker, SIC, which is also in bankruptcy court. "It has been approved," said Sabena's court-appointed administrator, Christian Van Buggenhout. Under the deal, the creditors will cancel $53 million in debt owed by Delta Air Transport, also known as DAT, and convert another $45 million into DAT shares. Public and private investors will also provide some $170 million in fresh cash to recapitalize DAT -- but only if the creditors agreed to cancel the debt. Investors hope the agreement will help DAT establish itself as a European carrier with a limited number of international connections to North America and Africa. The government wants to keep a strong Belgian airline in Brussels, which is headquarters to the European Union, NATO and many more international companies and institutions. Analysts have said that the lack of interest was caused by the uncertain= ty hanging over the European aviation industry, which was compounded by the Sept. 11 hijackings in the United States. =20 ---------------------------------------------------------------------- Copyright 2002 AP