Swissair files Bankruptcy Front Page F.T.

[Tim_donovan]

Swissair are to file for bankruptcy today, according to F.T. front page and BBC news. This will cause a big impact as Sabena owns 50% of Swissair.

Comments
:eek: :( null

[twistedenginestarter]

I think you'll find Swissair owns Sabena although I'm not sure it's 50%. Nevertheless you're right about the knock-on effects.

[gofer]

Try the "Swissair Merger" thread - there is stacks of info on there.

The SA Group owns (or prehaps I should say owned - the way things are going) 49.9% of Sabena.

:rolleyes: :rolleyes:

[The Guvnor]

UBS and Credit Suisse have only agreed to put up a billion francs - SR needs three billion to stay afloat.

I suspect that they will go into administration/Chapter 11 in order to restructure and will come out a lot leaner, meaner and financially fitter - at least I hope so!

[GEENY]

Guv,get life there is no Chapt 11 or equivalent in Swissland.The manager You think U are should know this.If U don't shut the f**k up.

[Hooking Fell]

The Guvnor,

There is no Chapter 11 in Switzerland, you're either in business or out.

Considering that SAir Group's board until quite recently included the country's top w@nkers (sorry, tipo, should be bankers), the whole story is a sorry tale of Switzerland's banking industry and collective corporate incapability.
:eek:

[ 01 October 2001: Message edited by: Hooking Fell ]

[Hooking Fell]

For those proficient in German: http://www.blick.ch/PB2G/PB2GA/pb2ga.htm?snr=15912

Although this is a tabloid and thus of dubious quality, the core of the story should be reasonably sound.

It means that Crossair will receive CHF 1 billion in order to take over the profitable bits and pieces of Swissair (including spin-offs such as the duty free and catering arms).

However, it also means that there is unlikely to be any legal recourse open to shareholders who wish to see SAir Group's recent board of w@nkers prosecuted and charged.

A very Swiss arrangement....as a member of the board of a listed company, you're safe from any personal liability. Given that the SAir Group board until earlier this year included what on paper were top-notch bankers and others of similar ilk, this whole story should be a major wake-up call to anyone contemplating investing in Swiss shares.

The whole country is run by a mafia of untouchables.

[Hooking Fell]

Swiss financial publication "Cash" reports on its web site that Directorate III of the Attorney General's Office of the County of Zurich (under whose jurisdication Swissair and SAir Group fall) has opened an investigation into possible criminal offences. These include Trading while Insolvent, Falsification of Documents, and other criminal behaviour while managing a (public) company.

Perhaps there is justice after all......... :eek:

[411A]

This information is indeed sad considering that SR was once a very well run and profitable airline with impecable service. Sure hope that those in management that caused the difficulties have their day in court. It must be very distressing for their loyal employees, not to mention their shareholders.

[380]

Hooking

Read a letter in the TA, was just wondering if it's from you? Some good points.

[wallabie]

Guv

Didn't I recommend you to give up that awfull punch you seem to be enjoying so much ? It is destroying your brain cells.
Give up reading Winnie the Poo and trade it for the Financial Time.

How many jobs have been nuked in Europe so far ?
Those responsible for Swissair's fall may have their day in court but they'll still have a fat pay check at the end of the month, so what the f...k do they care ?
It's called the glass partition; you never fall to the level of the " not genteel " who in turn are kindly requested to remember their lowly estate.
Did I read your mind correctly Guv. I sure gave it my best considering .......

[PAXboy]

BBC NEWS website 12:00 GMT 1st Oct 2001 Monday, 1 October, 2001, 17:41 GMT 18:41 UK

Swissair accepts rescue plan

Swissair has accepted a partial rescue bid by two banks, in a last-minute attempt to avoid total bankruptcy.

Under the deal, Swissair's flight operations will be taken over by its regional subsidiary Crossair, while other parts of the group will seek bankruptcy protection.

END QUOTE
So looks like there is a 'Chapter 11' equivalent in Switzerland?

[Hooking Fell]

380,

I haven't written any letters to Swiss newspapers. Would be interesting to read the one you mention, though; can you point me to the URL?

Thanks!

[380]

Here's the letter and the link. I just thought there can't be so many pilots in asia reading swiss papers. And as you're obviously interested in swissair's destiny, i just thought it could be from you.

Ich bin Linienpilot und arbeite für eine asiatische Airline. Eigentlich beschäftigt mich der Fall Swissair nicht persönlich. Aber trotzdem: Da wurde ein kerngesundes Unternehmen mit einem fantastischen Ruf in den Boden gefahren. Gefahren, wohlgemerkt, und nicht geflogen.

Als die Swissair nach dem Abbruch des Alcazar-Projekts auf die grosse Ramscheinkaufstour ging, haben sich viele gefragt, was das wohl solle. Ich habe damals gesagt, dass das Swissair-Management ja wohl schon wisse, was es tue. Weit gefehlt. Ein typischer Fall von zu viel studieren und zu wenig denken. Davon spricht man heute aber schon nicht mehr. Ein Thema kommt aber immer wieder zur Sprache: die Pilotengehälter der Swissair. Ich verdiene wohl gut dreissig bis vierzig Prozent weniger und arbeite wohl auch ein bisschen mehr. Aber das ist nicht der Punkt. Der Punkt ist, dass die (gut bezahlten) Piloten wenigstens ihren Job gemacht haben. Sie haben die Swissair-Flugzeuge sicher von A nach B gesteuert. Das kann man ja wohl beim besten Willen von ihren Managern und Verwaltungsräten nicht sagen. Wenig verdient haben diese aber ja wohl auch nicht gerade. Der eine oder andere hat ja auch noch eine Abgangsentschädigung verlangt. Also einen Bonus für nicht geleistete Dienste sozusagen. Ich bin ziemlich sicher, dass die besagten Verwaltungsräte ihr Fachwissen auch weiterhin anderen Firmen in dieser Form zur Verfügung stellen.
http://www.tages-anzeiger.ch/ta/taZeitungRubrikArtikel?ArtId=129082&ausgabe=1727&archive=t

[Hooking Fell]

Many thanks, 380

Yes, similar profile to mine, but not my contribution. I work out of Honkers.

Hooking Fell :cool:

[ 01 October 2001: Message edited by: Hooking Fell ]