Ruling Against Sabena Shareholders In Debt Restructuring Liquidation

Introduction

The Federal Supreme Court recently rendered an important new decision in the SAirGroup and SAirLines proceedings (for further details please see "SAirGroup's debt restructuring liquidation leads to new decision"). It upheld the Zurich High Court decision in which the claims of three Sabena shareholders (the Belgian state, Société fédérale de Participations et d'Investissement SA and SA Zephyr-Fin) in the SAirGroup and SAirLines debt restructuring liquidation proceedings were rejected and not admitted in the schedule of claims. Moreover, the Federal Supreme Court upheld the Zurich High Court decision refusing to recognise the Brussels Appeal Court ruling of January 27 2011, which was partially about these claims.