New Chief Commercial Officer for SWISS International Airline
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New Chief Commercial Officer for SWISS International Airline
As announced on December 16th, William Meaney will take on the position of Chief Commercial Officer for SWISS International Airlines as of Jan1, 2003...press release: http://www.swiss.com/index/sw-nw-pr-...m?newsid=18997
Does anyone know the guy (previously at Star Alliance, South African..) and has an opinion on this move? Is he qualified enough to bring SWISS into profitability?
Does anyone know the guy (previously at Star Alliance, South African..) and has an opinion on this move? Is he qualified enough to bring SWISS into profitability?
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SWISS: Meaney fired
Less than a year after being hired, Meaney has been fired.
Officially, a conflict arose as how many EVP, managers and so on had to leave the company, after 2'700 foot soldiers had been sacked with the latest restructuring.
In fact, it's quite obvious that the rats are fleeing the sinking ship. Any topic among the numerous grounds for controversy and dog fights at the highest level of the management could give anyone a perfect excuse for being fired.
The bottom-line is that Swiss has ruined its reputation among the financing community, including the Swiss Confederation. No money, no future and Meaney is gone. Anything but logical.
Officially, a conflict arose as how many EVP, managers and so on had to leave the company, after 2'700 foot soldiers had been sacked with the latest restructuring.
In fact, it's quite obvious that the rats are fleeing the sinking ship. Any topic among the numerous grounds for controversy and dog fights at the highest level of the management could give anyone a perfect excuse for being fired.
The bottom-line is that Swiss has ruined its reputation among the financing community, including the Swiss Confederation. No money, no future and Meaney is gone. Anything but logical.
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The sale of Swiss or its remains to a foreign airline is indeed the last step of the strategy pursued by Credit Suisse, UBS and other main creditors such as lessors (ILFC) and A/C vendors (Airbus, Embraer) since the Swissair grounding.
This strategy is aimed at transfering as many assets as possible into Swiss (to keep them at a current value instead of a liquidation value), to sale as many as possible non-core assets to decrease their exposure (SR Technics, Gate Gourmet, Swissôtel and so on), and, gradually, to reduce the Swiss business to an acceptable size in order to sale it.
At the present stage, it will take another restructuring round to make it fit to be sold.
A rough estimation of the required financing to shrink again Swiss before it goes bankrupt allows to predict the next restructuring round for December-January. It is a pre-requisite set by the banks for another credit facility.
Once the restructuring costs secured, LH or any other bidder could then enter into active negociating in order to include the remains of Swiss fleet and operation for the STT 04.
This strategy is aimed at transfering as many assets as possible into Swiss (to keep them at a current value instead of a liquidation value), to sale as many as possible non-core assets to decrease their exposure (SR Technics, Gate Gourmet, Swissôtel and so on), and, gradually, to reduce the Swiss business to an acceptable size in order to sale it.
At the present stage, it will take another restructuring round to make it fit to be sold.
A rough estimation of the required financing to shrink again Swiss before it goes bankrupt allows to predict the next restructuring round for December-January. It is a pre-requisite set by the banks for another credit facility.
Once the restructuring costs secured, LH or any other bidder could then enter into active negociating in order to include the remains of Swiss fleet and operation for the STT 04.
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Latest news
Swiss Int'l Air CEO certain of financing deal
Reuters, 11.25.03, 3:02 PM ET
ZURICH, Nov 25 (Reuters) - Indebted flag carrier Swiss International Air Lines <SWIN.S> is still in negotiations with creditors over a key financing package, its chief executive said on Tuesday, adding he was confident a deal would be reached.
Chief Executive Andre Dose told Swiss television DRS in an interview that the airline was also sticking by a concept to chase its budget rivals with cheaper tickets on European routes, adding that bookings for the Christmas period were good.
The loss-making carrier is searching for some 500 million Swiss francs in order to give it a buffer zone against the unforeseen through the lean winter months. Dose had said earlier in November that he expected a deal within the month.
"We will get this deal," Dose said. "We are making good progress. The negotiations are very complex. Swiss banks are involved, international banks are involved. That takes time."
Dose declined to comment on a date for completing the finance deal, which has been eagerly awaited by investors.
Shares in the carrier were also rattled earlier this week by concerns for its turnaround strategy after a key manger left.
However, Dose denied there would be any changes in the company's direction after the departure of William Meaney, the airline's commercial director who had overseen its push to tackle budget rivals with a low-cost European strategy.
"The strategy is not up for discussion at all," Dose said.
The programme is the centrepiece of the airline's plans to restore profitability by 2005. But it has come under mounting fire after the airline posted a loss of 276 million Swiss francs ($212 million) in the traditionally strong third quarter.
Copyright 2003, Reuters News Service
Reuters, 11.25.03, 3:02 PM ET
ZURICH, Nov 25 (Reuters) - Indebted flag carrier Swiss International Air Lines <SWIN.S> is still in negotiations with creditors over a key financing package, its chief executive said on Tuesday, adding he was confident a deal would be reached.
Chief Executive Andre Dose told Swiss television DRS in an interview that the airline was also sticking by a concept to chase its budget rivals with cheaper tickets on European routes, adding that bookings for the Christmas period were good.
The loss-making carrier is searching for some 500 million Swiss francs in order to give it a buffer zone against the unforeseen through the lean winter months. Dose had said earlier in November that he expected a deal within the month.
"We will get this deal," Dose said. "We are making good progress. The negotiations are very complex. Swiss banks are involved, international banks are involved. That takes time."
Dose declined to comment on a date for completing the finance deal, which has been eagerly awaited by investors.
Shares in the carrier were also rattled earlier this week by concerns for its turnaround strategy after a key manger left.
However, Dose denied there would be any changes in the company's direction after the departure of William Meaney, the airline's commercial director who had overseen its push to tackle budget rivals with a low-cost European strategy.
"The strategy is not up for discussion at all," Dose said.
The programme is the centrepiece of the airline's plans to restore profitability by 2005. But it has come under mounting fire after the airline posted a loss of 276 million Swiss francs ($212 million) in the traditionally strong third quarter.
Copyright 2003, Reuters News Service
Certain of financing deal?
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Bob,
Relax: it will be all clear in January, as soon as the Q4 figures will be available, at least internally.
I'd bet it will come to another restructuring under supervision of a legal instance...
The next round of people to be fired can get ready for a long sommer holiday.
See you then
Relax: it will be all clear in January, as soon as the Q4 figures will be available, at least internally.
I'd bet it will come to another restructuring under supervision of a legal instance...
The next round of people to be fired can get ready for a long sommer holiday.
See you then
