BELGIAN aero-structures company Sonaca, has warned its state owners that it faces bankruptcy, without a major rescue plan, including fresh capital and a halving of the work force.
The company has drawn up a rescue plan that calls for up to BFr1 billion ($33 million) in new funds and the loss of 500 of its 1,130-strong workforce. This strategy will be put to the group's owner, the regional Walloon Government, at a special meeting called for the end of January.
The company produces wing leading edge slats for Airbus Industrie, and is a risk-sharing partner on fuselage components for the Embraer EMB-145 regional jet. Slow sales of the EMB-145 have left Embraer well short of the 400 deliveries needed for it to cover costs.
Sonaca warns that it is losing BFr2 million a day and will be forced out of business if no action is taken soon. Sabca has already turned down an invitation to rescue its Belgian competitor.
Sonaca was formed when the Walloon Government stepped in to save the Belgian arm of Fairey Aviation from bankruptcy.
Source: Flight International
