October 24, 2001 |
British Airways, KLM Royal Dutch Airlines and other European carriers say they oppose a government-backed rescue of Swissair Group. Switzerland's government, biggest companies and wealthiest people agreed to put up $2.5 billion to keep Swissair flying. Rivals say the cash puts Swissair at a competitive advantage when the entire industry is suffering as air travel falls after the Sept. 11 terrorist attacks in the U.S.
October 9, 2001 |
Swissair Group, struggling to come back from a financial collapse, said Monday that it will cut 9,000 jobs worldwide and offer reduced-price tickets to lure more customers. Chief Executive Mario Corti told an employee assembly about the job cuts, which represent nearly 13% of Swissair's 71,000 workers, said spokesman Rainer Maier.
October 8, 2001 |
Swissair hopes to operate more than half of its flights in the next two days, including at least 47 long-haul flights. After days of recriminations about last week's grounding of the airline, Swissair leaders and unions for the first time said they would be willing to cooperate with a new airline, to be led by the Crossair regional airline and kept afloat by money from banking giants UBS and the Credit Suisse Group.
October 4, 2001 |
The Swiss government gave collapsed Swissair Group a hefty cash injection Wednesday to get its planes flying again after a cash crunch grounded the flag carrier and stranded thousands of passengers. Swissair Chairman Mario Corti said the $280-million credit--unlikely ever to be repaid--will allow Swissair flights to resume today. The deal was struck after a round of emergency meetings with top government officials and leading banks. But the group's future remained bleak.
October 3, 2001 |
Swissair Group said its fleet will stay grounded today after Europe's seventh-largest airline ran out of cash. It received $160.4 million credit from UBS and Credit Suisse Group as part of a rescue package. Swissair canceled 262 flights Tuesday, stranding about 19,000 passengers, it said, and will decide today whether it can resume flights Thursday. "We try our best," spokeswoman Christine Buhler said.
October 2, 2001 |
Swissair Group, crushed by debt and a sharp decline in air travel, said it will hand over most of its Swissair flights to low-cost regional carrier Crossair and seek court protection from creditors for other key businesses. Capping its dramatic fall from the Swiss corporate elite, the carrier said it will cut 2,560 jobs while the smaller but healthier Crossair unit will take over two-thirds of Swissair's flight operations before the end of the month.