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
Sabena planes were part of a record-order of 34 Airbus A320 family aircraft, imposed on Sabena when under Swissair management. After an airline recession and the effects on the airline industry of the September 11 attacks in 2001, all airlines that flew across the Atlantic suffered. Swissair had pledged to invest millions in Sabena but failed to do so, partly because the airline had financial problems itself, having filed for bankruptcy protection one month prior. The company filed for legal protection against its creditors on 3 October, and went into liquidation on 6 November 2001. Fred Chaffart, Chairman of the Board