CR2
3rd Oct 2001, 12:49
Interesting times...
Swissair expected to sell Cargolux stake -source
PARIS, Oct 2 (Reuters) - Cash-strapped Swiss aviation group Swissair <SWSZn.VX> is expected to sell its 33.7 percent stake in Cargolux International Airlines, a European air cargo industry source told Reuters.
A Swissair spokesman in Zurich said he could not confirm a decision had been made to sell the stake. The Swissair group and top Swiss banks are in the process of putting together a rescue plan to save its airline operations, but which could see the rest of its businesses file for creditor protection in the face of unmanageable debts.
No immediate comment was available from Cargolux, which is Europe´s largest all-cargo airline, with 11 Boeing 747-400 freighters.
In April, a Swisscargo executive told an industry conference that the airline was considering the sale of its Cargolux stake, although this was later denied by the company.
Cargolux posted net after-tax profits of $33.0 million in 2000, up from $30.1 million in 1999, and total revenues of $739.2 million, compared with $644.0 million.
Swissair, via its subsidiary SAir Logistics, bought Lufthansa AG´s <LHAG.F> stake in Cargolux in September 1997 and raised it to 33.7 percent in January 1998.
The cargo carrier has been profitable every year since 1996, company figures show.
Cargolux´s other main shareholders are Luxair, with 34.9 percent, and Luxembourg financial institutions, with 31.1 percent. Other shareholders own 0.3 percent.
Shareholders would have the right of first refusal on a pro-rata basis to acquire Swissair´s stake in Cargolux, the source told Reuters.
Cargolux is holding a scheduled board meeting on October 3.
The carrier has a wide range of scheduled services between Asia, Europe and the Americas. The International Air Transport Association (IATA) ranked it as the 18th largest air cargo carrier, with 430,000 tonnes in 2000.
Swissair expected to sell Cargolux stake -source
PARIS, Oct 2 (Reuters) - Cash-strapped Swiss aviation group Swissair <SWSZn.VX> is expected to sell its 33.7 percent stake in Cargolux International Airlines, a European air cargo industry source told Reuters.
A Swissair spokesman in Zurich said he could not confirm a decision had been made to sell the stake. The Swissair group and top Swiss banks are in the process of putting together a rescue plan to save its airline operations, but which could see the rest of its businesses file for creditor protection in the face of unmanageable debts.
No immediate comment was available from Cargolux, which is Europe´s largest all-cargo airline, with 11 Boeing 747-400 freighters.
In April, a Swisscargo executive told an industry conference that the airline was considering the sale of its Cargolux stake, although this was later denied by the company.
Cargolux posted net after-tax profits of $33.0 million in 2000, up from $30.1 million in 1999, and total revenues of $739.2 million, compared with $644.0 million.
Swissair, via its subsidiary SAir Logistics, bought Lufthansa AG´s <LHAG.F> stake in Cargolux in September 1997 and raised it to 33.7 percent in January 1998.
The cargo carrier has been profitable every year since 1996, company figures show.
Cargolux´s other main shareholders are Luxair, with 34.9 percent, and Luxembourg financial institutions, with 31.1 percent. Other shareholders own 0.3 percent.
Shareholders would have the right of first refusal on a pro-rata basis to acquire Swissair´s stake in Cargolux, the source told Reuters.
Cargolux is holding a scheduled board meeting on October 3.
The carrier has a wide range of scheduled services between Asia, Europe and the Americas. The International Air Transport Association (IATA) ranked it as the 18th largest air cargo carrier, with 430,000 tonnes in 2000.