Alpha Leader
11th Jun 2002, 09:32
Air Switzerland has still not filed an application for an AOC, according to BAZL (Swiss equivalent of FAA).
Apparently, the major hurdle is an unequivocal declaration that the majority of shareholders/investors are of Swiss origin, as Mario Ritter's potential investors do not wish to take any equity stake in the company. Instead, credit facilities amounting to CHF 300 million are said to be available to Air Switzerland, but the identity of lenders is not forthcoming.
As a result, the Company is facing possibly insurmountable difficulties in complying with Swiss aviation regulations which require that an airline registered there is actually controlled and owned by a majority of Swiss citizens.
Given that Mario Ritter's own deadline to get off the ground is in 35 days from today and - in the best of cases - a 30 day period for processing AOC applications, it is highly unlikely that Air Switzerland will take off as planned.
(Above compiled from various media reports).
Apparently, the major hurdle is an unequivocal declaration that the majority of shareholders/investors are of Swiss origin, as Mario Ritter's potential investors do not wish to take any equity stake in the company. Instead, credit facilities amounting to CHF 300 million are said to be available to Air Switzerland, but the identity of lenders is not forthcoming.
As a result, the Company is facing possibly insurmountable difficulties in complying with Swiss aviation regulations which require that an airline registered there is actually controlled and owned by a majority of Swiss citizens.
Given that Mario Ritter's own deadline to get off the ground is in 35 days from today and - in the best of cases - a 30 day period for processing AOC applications, it is highly unlikely that Air Switzerland will take off as planned.
(Above compiled from various media reports).