Tricky Woo - would, perchance, this be the same Lukas Mühlemann who, along with his counterparts at UBS came up with the bright idea of buying out Crossair to which they would then lend CHF 1 billion so that it could buy the viable parts of SAirGroup, thus leaving very little in the pot for anyone except secured creditors - who, strangely enough and I am sure by amazing coincidence, include said UBS and Credit Suisse?
Who pockets the consultancy and structuring fees on this one?
However, the latest news from the SR website doesn't look at all promising:
Zurich Airport, October 2, 2001 – Swissair has been forced to cease all flight operations today with immediate effect. Despite intensive efforts throughout the day, the company has been unable to obtain the liquidity needed to secure daily business and safe operations. It is uncertain at this time when flight operations will resume.
All Swissair flights had to be suspended from 12:30 CET (10:30 UTC) today. The decision that no further aircraft would be allowed to depart from Switzerland was taken at 15:45 CET (13:45 UTC). The aircraft currently abroad will be flown back to Switzerland as soon as possible.
Swissair regrets this measure, which has a drastic impact, especially for its passengers and staff. The action is being taken in what has traditionally been the strongest month of the year in revenue terms, and affects not only thousands of passengers but also thousands of jobs in and outside Switzerland. Far more jobs are now at risk than the 2650 announced yesterday. "
[ 02 October 2001: Message edited by: The Guvnor ]