Timeline: European airlines in crisis

LONDON, England -- Belgian airline Sabena is filing for bankruptcy.

A number of European carriers were finding life difficult before the attacks on the U.S. -- and since September 11, the situation has worsened.

September 12 -- Scandinavian airline SAS warns its full-year pre-tax profit will be at least 25 percent below last year's, citing a weak outlook for business travel.

September 19 -- Lufthansa issues its second profit warning of the year, saying it can no longer meet its targets for 2001 earnings or make reliable forecasts after September 11 attacks.

In August Lufthansa had repeated a previous forecast for 2001 operating profits of between 700 million and 750 million euros ($650-$695 million), but says that will depend on an upturn in the fourth quarter.

The world's biggest airplane maker, Boeing Co., says it will lay off between 20,000 and 30,000 workers -- up to 15 percent of its work force -- as it expects a sharp drop in orders.

These layoffs bring to about 51,000 the number of jobs that have been lost in the airlines industry since the September attacks.

An Athens court declares a strike at Greece's ailing national carrier Olympic Airways illegal, stopping the anti-privatisation walkout that was expected to ground planes for the day.

September 20 -- Swissair says it is considering additional cost cuts after the attacks in the United States, which led to the grounding or diversion of planes and caused 65 million Swiss francs in lost revenues.

September 23 -- Swiss government announces creation of public/private working group, including Swissair, banks, politicians and other leading Swiss firms to draw up a recapitalisation plan for the Swissair group.

September 24 -- Swissair to merge the rump of its main airline into separately-listed regional carrier Crossair, names Crossair's Andre Dose head of new Swiss Air Lines.

Swissair Group catering unit Gate Gourmet cuts 3,000 jobs in aftermath of U.S. attacks.

September 30 -- Swissair says the aftermath of the attacks will cause "single-digit" billions of francs in follow-up costs in 2001 and 2002.

October 1 -- Swissair to hand over most flight operations to Crossair, under a 1.36 billion Swiss franc bank financing deal by banks UBS and Credit Suisse.

It seeks court protection from creditors for other businesses, cutting around a third of staff and a quarter of long-haul flights.

October 2 -- Swissair receives 258.8 million francs for the sale of its 70.4 percent stake in Crossair to UBS and Credit Suisse at the end of a day when lack of ready funds grounded its entire fleet; unions now fear up to 10,000 job cuts, plan protests.

Belgium frantically looks at ways to save Sabena after co-owner Swissair says it has no cash for its Belgian affiliate.

October 3 -- Berne government pledges up to 450 million francs in emergency funding for Swissair to get the grounded fleet flying again for at least the rest of the month.

Swissair says it will resume curtailed service on October 4.

Sabena seeks court protection from creditors.

October 5 -- Swissair Group and several subsidiaries obtain protection from creditors.

October 8 -- Swissair Group says it will slash workforce by 12 percent.

October 10 -- European Commission told member governments they can only come to the aid of their crisis-struck airlines to the extent of helping out with the immediate and direct consequences for the industry of the September 11 attacks.

They cannot use the crisis as an excuse to bail out already failing national airlines.

The EU stance poses a problem for state-owned Irish carrier Aer Lingus which would like the sort of government support that the EU's executive ruled out.

The company tells its 6,300 permanent staff that it is looking to cut 2,500 jobs.

UBS warns that recapitalisation of regional Swiss airline Crossair to enable it to take over Swissair operations will require 100s of millions of Swiss francs in new capital.

October 12 -- Spain approves the sale of Aerolineas Argentinas to a Spanish group, finally ridding itself of the crippled airline which has strained the public purse and, at times, relations with Argentina.

October 14 -- Crossair says sticks to plan to take over 52 planes from Swissair but cannot operate 16 long-distance planes until April 2002 and Swissair needs to continue operating these routes at a cost of some one billion francs.

October 17 -- Swiss government says is ready to finance part of a rescue of Swiss airline industry but calls on private companies to chip in.

October 22 -- The government says it will fund one billion francs in a bridging loan for Swissair to allow the rump of the company to maintain a reduced schedule before most of its flight operations are taken over by Crossair.

The state will also take a 20 percent stake in Crossair by contributing up to 600 million francs to a capital increase.

Some Swiss cantons, or states, will have another 18 percent stake in the new Crossair. Private companies will invest a total of 1.7 billion francs in the expanded airline, including the 350 million already pledged by UBS and Credit Suisse.

October 29 -- Greek Transport Minister says he expects a decision on the sale of a majority stake in Olympic Airways by about November 15.

November 5 -- Debt-laden Belgian national airline Sabena to suspend operations in two days time government and staff sources say.

November 6 -- Sabena staff walk out in despair at the prospect of the stricken airline going bankrupt, abandoning check-in desks and stranding hundreds of passengers.

The company says it is filing for liquidation.