Middlepath,
Two separate companies is a no go. It would look too much like the good old SAir Group and the creditors still have a, roughly 18 billion Swiss Franks, axe to grind.
Even in the present situation, the "expansion" of Crossair into Swiss is already very difficult to explain to Air Lib, Sabena and all the other creditors, as it looks an awfull lot like the ´virtually bankrupt´ SAir Group. The low Crossair cost structure has been completely abandoned and the seniority list agreed upon by managment and Aeropers (rejected by the CCP/SPA) refered to ´date of entry´ into... you guessed it : the SAir Group and not Crossair.
Expansion of Crossair ? A merger between Crossair and Swissair ? It appears as if Swissair simply hijacked Crossair, re-named the company Swiss (Swiss = Swissair-air) and is trying very hard to throw out the former employees.
So far no ´blue letters´ (pink slips) have been posted because the seniority issue is still not solved. Within a few weeks a judge from the Basel Court of Arbitration will come with a verdict.
We´ll see what happens next. If we lose, then at least we have tried our best. If we win, all hell will break lose ! Brace before impact !