Hold at Saffa,. .SN failed simply because SR did not live up to any of its previously signed contracts with the Belgian government! . .So much as to the highly reputated honesty of Swiss bankers.... .You may not like it, but fact is the Swiss flagcarrier continuously broke all legal and financial rules to avoid having to pay the agreed amounts of money not only to SN, but also to AOM, Air Liberte and LTU and in the end even escaped into bankruptcy protection.. .Note that all these companies were unprofitable for a very long time before SR stepped into them with the strong promise to turn them round quickly thanks to their huge expertise; so saying the unprofitability of the foreign participations was the main reason for the SR fiasco is putting the blaim on very weak sholders in stead of facing reality by admitting the real daydreamers are in ZRH, not BRU, OLY or DUS.. .It might be usefull for any Swiss aviation enthousiast to make the correct analysis of the SAir Group fiasco before letting them start all over again in ZRH, don't forget that if you don't get the lesson the first time, then chances are you'll have to do it all over once again...