The head of Sabena SA on Thursday accepted a critical audit by a pilots' union concluding that management errors committed by the Belgian airline's joint owners had pushed it into serious financial difficulties.

"The auditors are confirming that Sabena is now confronted with significant losses for 2000 and 2001 and that the company will run out of cash by the end of February if nothing is done," Christoph Mueller, the president and chief executive Sabena, said in response to the audit by the International Pilot Services Corporation.
http://public.wsj.com/sn/y/SB981032950739801515.html