Hi Bob,
Get ready for the next grounding.
The deal with AOM/Air Lib & Holco flushed 68 millions CHF in Swiss cash box, but on the balance sheet it was expected to bring 105 millions.
The sale of the fuel hedging last spring brought Swiss 20 millions but increased the bill by 95 millions since then.
All in all, thanks to the French deal, Swiss has three months cash ahead, but it's losing one million a day.
A new restructuration plan will be announced on August 17th. (together with the H1 results), but Swiss doesn't know how to fund it. Lufthansa seems to have lost any interest in rescuing Swiss, because of its many pressure groups, factions, fronts and so on, but also not least because of its high costs inherited from Swissair.
Even the traditionaly good 2nd quarter did not allow Swiss to get a positive operative result (bared from all other financial burden, taxes and so on). So, get ready for a bumpy ride into the fall.
S.W.I.S.S. ? Sorry, Widows. I Sank the Ship.
