View Full Version : Swiss going broke?
Dash8100
8th Sep 2003, 20:32
Have won a couple of tickets on Swiss. How is their financial status? Should I use my tickets as soon as possible, or what? Grateful for an answer..
Swiss will be shut down around mid october if no bank invest more money.
do not buy any ticket from Swiss, use all your flight tickets asap.
ExSimGuy
9th Sep 2003, 01:40
Dash,
Look on the bright side. At least you won the tickets and don't have hard-earned cash at risk:}
Dash8100
9th Sep 2003, 16:44
What happens mid-october that might send Swiss into bankruptcy? Is there a deadline for something?
Swiss is burning 2-4 million francs a day, and will run out of cash eventually, possibly during October. I am using my FF miles as quickly as possible, but so many people are doing so that it is tricky.
Currently in takeover talks with Lufthansa. LH offer allegedly conditional on injection of 500 million more from the current shareholders. LH offer allegedly motivated by LH board members who have personal interest in Swiss paying for their Airbus fleet.
Current serious cash problems do not take two things into account. First, the restructuring costs for the layoffs that have already taken place are allegedly not yet in the accounts, and second, there is a 100 million judgement in favour of Air Liberté or one of the other French companies which has allegedly not yet been taken into account.
Momo
Press release:
http://www.swiss.com/web/IE6/about-swiss/sw-nw-pr-press-releases-03.htm?newsid=29222