Sabena Boeing 747s with four-engined Airbus A340. After the liberalisation of the airline industry throughout Europe and the economic consequences of the Gulf War, the Belgian government, the main shareholder of the company, realized that Sabena had little chance of surviving on its own in this very competitive market, and began searching for a suitable partner. Sabena remained in a poor financial state, and year after year the Belgian government had to cover losses, however, it was however prevented from providing new funds due to EU State Aid rules. Around 1987, SAS tried to merge with the carrier, but the merger
Gadair European Airlines having two new shareholders, S. Kahla 25% and A. Baker 50%. The airline ceased operations around 2009. Gadair European Airlines Gadair European Airlines was an airline based in Madrid, Spain. It was operating aircraft on ACMI leases for services to five continents. A number of changes of plan have been made, including a switch to Bahrain as the main hub. The airline originally planned to launch operations on 10 April 2006 using Boeing 767-200ER aircraft on ACMI leases, but delays in obtaining the necessary licences mean that the launch date was delayed to June 2007. The airline was owned by