Swissair merger?
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Situation worsening by the day.
Swiss print media (e.g. Tages Anzeiger) reporting today (29 Sep) that employees of Swissair and group companies have begun a run on the Company's in-house financial institution, withdrawing their balances on their personal accounts there.
As a result, suppliers to Swissair are increasingly demanding COD, and October salaries are reported to be in danger.
Swiss print media (e.g. Tages Anzeiger) reporting today (29 Sep) that employees of Swissair and group companies have begun a run on the Company's in-house financial institution, withdrawing their balances on their personal accounts there.
As a result, suppliers to Swissair are increasingly demanding COD, and October salaries are reported to be in danger.
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Well my small savings are still in there. Got some shares too - they are way down now -however someone has to give some encouragement to the brave Corti, so I'll hang in there and go with the ship if needs be....
Shame Corti didn't get his post earlier - a real Mafia shooter and a good man.
PS Moritz Suter ain't involved in Crossair these days.
Shame Corti didn't get his post earlier - a real Mafia shooter and a good man.
PS Moritz Suter ain't involved in Crossair these days.
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Ace,
It was roumoured in Jan/Feb in EAP, in the crew rooms and corridors that Moritz was on to something big this year and that it lookes StRikingly local. Take over Mum's Europe and a little more if it was available, get some of the stock out of Mum's paws, re-divy up the Balair logic, hopefully getting the Boings swapped for Buses - and get the seat capacity imposed on LX by SR totally lifted.
Now when he saw the real mess, in March I think it was, it was just too bad to try and sort it himself, so he started working from behind the stage. Sep 11 only accelerates the mess, the problem now is can SR keep the long haul moving and pay fuel, leases and salaries ? Sep was just OK, the treadmill suggests that Oct is touch and go or stall. Nov in the lap of the Gods and the Swiss Parlamentary Gnomes. Odd on Christmas and operating 1:1 (13 month as per contract for some, probability for now of about 0.5 - hopefully climbing, but not a given).
Pray hard guys, it may not help but it doesn't hurt.
It was roumoured in Jan/Feb in EAP, in the crew rooms and corridors that Moritz was on to something big this year and that it lookes StRikingly local. Take over Mum's Europe and a little more if it was available, get some of the stock out of Mum's paws, re-divy up the Balair logic, hopefully getting the Boings swapped for Buses - and get the seat capacity imposed on LX by SR totally lifted.
Now when he saw the real mess, in March I think it was, it was just too bad to try and sort it himself, so he started working from behind the stage. Sep 11 only accelerates the mess, the problem now is can SR keep the long haul moving and pay fuel, leases and salaries ? Sep was just OK, the treadmill suggests that Oct is touch and go or stall. Nov in the lap of the Gods and the Swiss Parlamentary Gnomes. Odd on Christmas and operating 1:1 (13 month as per contract for some, probability for now of about 0.5 - hopefully climbing, but not a given).
Pray hard guys, it may not help but it doesn't hurt.
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Fly4fud, a thought regarding your question to Sabena, I would imagine that quite a bit of that money was invested into changing a good fleet of 73s for Airbus and the training costs involved in imposing something like that.
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http://www.portal.telegraph.co.uk/mo.../cnswiss30.xml 
[ 30 September 2001: Message edited by: gofer ]
[ 30 September 2001: Message edited by: gofer ]
ex-Tanker
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Yep. That is not a bad summing up - though I figure that without the Bin Laden attacks, things would have still deteriorated this month.
It must really hurt, to have to give Sabena 200m Francs, while the pilots are on strike. I reckon they would have good grounds not to do so but then immediately the remaining credibility would be gone.
It must really hurt, to have to give Sabena 200m Francs, while the pilots are on strike. I reckon they would have good grounds not to do so but then immediately the remaining credibility would be gone.
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Fly4FUD... you seem to have an opinion on every topic in this forum! You must have very little else to do.
Being such a knowledgable fellow, i am sure you can explain to me why the first ever payment to LTU was made on the 9th of August THIS YEAR ?
Where did the LTU fleet of 34 aircraft go ?
Where did the payments for them go ?
I believe we are talking about approx 1 Bn Euros...
Maybe somebody should cut your wings..
Being such a knowledgable fellow, i am sure you can explain to me why the first ever payment to LTU was made on the 9th of August THIS YEAR ?
Where did the LTU fleet of 34 aircraft go ?
Where did the payments for them go ?
I believe we are talking about approx 1 Bn Euros...
Maybe somebody should cut your wings..
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With SR facing bankruptcy tomorrow, UBS and Credit Suisse announced earlier today (Sunday 30/09) that they are providing facilities to SR amounting to one billion Swiss Francs.
However, they will be cancelling future aircraft orders (including the A340-600s slated to replace the MD11s) and parking a number of A320 family aircraft.
For LTU, this means that a stay of execution can be avoided - with the same for Sabena on the condition that BeCA doesn't push the patience of both SR and the Belgian Government too far.
However, they will be cancelling future aircraft orders (including the A340-600s slated to replace the MD11s) and parking a number of A320 family aircraft.
For LTU, this means that a stay of execution can be avoided - with the same for Sabena on the condition that BeCA doesn't push the patience of both SR and the Belgian Government too far.
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And to think that only about six months ago, Credit Suisse fired one of their analysts for predicting that SAir Group were facing a loss of CHF 0.5 billion.
It sounds like a bad joke today, but the background was that in those days, the incestuous Swiss corporate landscape had produced a board at SAir Group that included Credit Suisse boss Lukas Mühlemann, one of the most notorious and prolific collectors of Swiss board seats. This a$$hole could obviously not live with the fact that one of his in-house analysts knew more about SAir Group than its own board (or more than its own board were prepared to admit to).
The effect of all this was that Credit Suisse were still recommending "BUY" on SAir Group stock at a time when CS-Mühlemann would have known the airline and its associated companies were headed for the scrap heap.
So much for Swiss banking ethics. And you can forget about their stock exchange watchdog, too
It sounds like a bad joke today, but the background was that in those days, the incestuous Swiss corporate landscape had produced a board at SAir Group that included Credit Suisse boss Lukas Mühlemann, one of the most notorious and prolific collectors of Swiss board seats. This a$$hole could obviously not live with the fact that one of his in-house analysts knew more about SAir Group than its own board (or more than its own board were prepared to admit to).
The effect of all this was that Credit Suisse were still recommending "BUY" on SAir Group stock at a time when CS-Mühlemann would have known the airline and its associated companies were headed for the scrap heap.
So much for Swiss banking ethics. And you can forget about their stock exchange watchdog, too
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It's all too little too late. The money, which the banks have offered, is on heavy conditions and would only add to the already 15 billion CHF dept the airlines is having.
Face it -- its sad but there is nothing to save left. With another 200 mil. CHF due to Sabena today liquidity should be just about a strange foreign word.
I hope the Swissair pilots don't mind flying on Crossairs salary. Best luck to them all.
Face it -- its sad but there is nothing to save left. With another 200 mil. CHF due to Sabena today liquidity should be just about a strange foreign word.
I hope the Swissair pilots don't mind flying on Crossairs salary. Best luck to them all.
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Hot off the presses:
Latest news is that even the Banks and the Government favour a loan - but to Crossair, to basically buy out what is of value from Swissair and to then let it fold.
One of the Banks conditions seem to be not to throw good money after bad, and therefore not to pay anything to Sabena or LTU
If your German is up to it - try this:
http://www.baz.ch/news/index.cfm?obje ctID=7B37B28C-959E-4E51-A4DBB3B715D811F4
You may find the FT a bit easier, but less detailed: http://news.ft.com/ft/gx.cgi/ftc?pag...id=IXLI0L9Z1BC
Hope somebody salvages something - even if its only bread and butter with no jam any more - its a mighty long train ride back from here in HK even though it is perfectly possible - its not the commute I need.
---------------------------------
Fly or walk ? what a no-brainer !
[ 01 October 2001: Message edited by: gofer ]
Latest news is that even the Banks and the Government favour a loan - but to Crossair, to basically buy out what is of value from Swissair and to then let it fold.
One of the Banks conditions seem to be not to throw good money after bad, and therefore not to pay anything to Sabena or LTU
If your German is up to it - try this:
http://www.baz.ch/news/index.cfm?obje ctID=7B37B28C-959E-4E51-A4DBB3B715D811F4
You may find the FT a bit easier, but less detailed: http://news.ft.com/ft/gx.cgi/ftc?pag...id=IXLI0L9Z1BC
Hope somebody salvages something - even if its only bread and butter with no jam any more - its a mighty long train ride back from here in HK even though it is perfectly possible - its not the commute I need.
---------------------------------
Fly or walk ? what a no-brainer !
[ 01 October 2001: Message edited by: gofer ]
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Eurobrit,
have to disagree. it is simply not true that the first ever payment was made on august 0th of this year. it was the founding date of the "loma" which now holds the ltu shares of SR.
payments were made at least since end of 99 to finance the excessive cash burn in duesseldorf. although i of course agree on the sale & lease-back you quoted. the swiss have financed their acquisition by selling off the ltu assets, no doubt about that.
still, ltu is highly at risk and not only because of the swiss management influence (partly, though). the fleet is way to large for the german market, the longhaul operation to costly and the dependence on single-seat sales will backfire in times like these. you don´t get to solve these issues just by trying to get structures back to the good ol times of tristars..
sorry to tell you (i mean really), but the remaining options are pretty narrow.
brgds, silversurfer
P.S. not too many brits around at duesseldorf red&white, are they?
have to disagree. it is simply not true that the first ever payment was made on august 0th of this year. it was the founding date of the "loma" which now holds the ltu shares of SR.
payments were made at least since end of 99 to finance the excessive cash burn in duesseldorf. although i of course agree on the sale & lease-back you quoted. the swiss have financed their acquisition by selling off the ltu assets, no doubt about that.
still, ltu is highly at risk and not only because of the swiss management influence (partly, though). the fleet is way to large for the german market, the longhaul operation to costly and the dependence on single-seat sales will backfire in times like these. you don´t get to solve these issues just by trying to get structures back to the good ol times of tristars..
sorry to tell you (i mean really), but the remaining options are pretty narrow.
brgds, silversurfer
P.S. not too many brits around at duesseldorf red&white, are they?
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News of Swissair bust or fly should come tonight.
What a bloody shame. Mr Brugissier has turned this once superb airline into the laughing stock of the financial world and walked away with a platinium handshake.
I hope the Swiss get very loud about this.
What a bloody shame. Mr Brugissier has turned this once superb airline into the laughing stock of the financial world and walked away with a platinium handshake.
I hope the Swiss get very loud about this.
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Swissair Group: Nachlassstundung beantragt
News from today - The head of Swissair Mario Corti this evening has requested something between volontary liquidation and chapter 11.
Crossair takes over a large portion of the flying operations, whatever that means.
http//www.baz.ch/
Glattbrugg. AP/BaZ. Die Swissair Group beantragt für Teile der Luftverkehrsholding die Nachlassstundung. Dies gab Swissair-Chef Mario Corti am Montagabend in Glattbrugg bekannt. Die Crossair übernehme den Grossteil des Flugbetriebs der Swissair.
http://srapps.swissair.com/srpress/news.po
For the latest Swissair press release.
Hope the Swiss go after Bruggeiser for every cent he ever got paid - not that it will make a dent in the figures, but it would a9 serve the **** right and b) perhaps get other managers to think a bit more about what they are risking, before taking some totally steupid steps and throwing shareholders money down the drain.
[ 01 October 2001: Message edited by: gofer ]
News from today - The head of Swissair Mario Corti this evening has requested something between volontary liquidation and chapter 11.
Crossair takes over a large portion of the flying operations, whatever that means.
http//www.baz.ch/
Glattbrugg. AP/BaZ. Die Swissair Group beantragt für Teile der Luftverkehrsholding die Nachlassstundung. Dies gab Swissair-Chef Mario Corti am Montagabend in Glattbrugg bekannt. Die Crossair übernehme den Grossteil des Flugbetriebs der Swissair.
http://srapps.swissair.com/srpress/news.po
For the latest Swissair press release.
Hope the Swiss go after Bruggeiser for every cent he ever got paid - not that it will make a dent in the figures, but it would a9 serve the **** right and b) perhaps get other managers to think a bit more about what they are risking, before taking some totally steupid steps and throwing shareholders money down the drain.
[ 01 October 2001: Message edited by: gofer ]
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Eurobrit, take it easy 
Yes, I have some opinions and like to went them out on the forum, just like you. On the other hand, I'm one of the thousands of affected workers, having worked the last 23+ years for the group
So, when you will have endured what we have during these years, taking pay cuts after pay cuts, work increase after the next, then seeing all the £££ or $$$ go and spent on some illusory investments abroad by our ill advised managers (not only Brugisser in this!), then, and only then may you talk about cutting wings
Until then, once more
Yes, I have some opinions and like to went them out on the forum, just like you. On the other hand, I'm one of the thousands of affected workers, having worked the last 23+ years for the group
So, when you will have endured what we have during these years, taking pay cuts after pay cuts, work increase after the next, then seeing all the £££ or $$$ go and spent on some illusory investments abroad by our ill advised managers (not only Brugisser in this!), then, and only then may you talk about cutting wings
Until then, once more
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Some questions, if somebody can help???
1. Does this mean that Swissair have now actually ceased operating?
2. Are Crossair going to operate a significant number of SR routes?
3. Will the four Flightline aircraft continue to operate SR routes?
BBC now reporting that "Swissair are to avoid bankruptcy by cuting 2500 jobs". The situation certainly not very clear at the moment.
1. Does this mean that Swissair have now actually ceased operating?
2. Are Crossair going to operate a significant number of SR routes?
3. Will the four Flightline aircraft continue to operate SR routes?
BBC now reporting that "Swissair are to avoid bankruptcy by cuting 2500 jobs". The situation certainly not very clear at the moment.
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Answers to your questions based on the various press releases and other comments:
1) SR will not stop operating per se; although the legal entities will be different (see below).
2) Crossair will acquire the viable airline bits of SAirGroup and will operate as Crossair in Europe and Swissair outside Europe. The other assets - including Swissport, Atraxis, Flightlease etc etc will be sold off - if possible.
3) Flightline leases will end unless Crossair picks them up.
I stand open to correction on any/all of the above - this is as I said my interpretation.
1) SR will not stop operating per se; although the legal entities will be different (see below).
2) Crossair will acquire the viable airline bits of SAirGroup and will operate as Crossair in Europe and Swissair outside Europe. The other assets - including Swissport, Atraxis, Flightlease etc etc will be sold off - if possible.
3) Flightline leases will end unless Crossair picks them up.
I stand open to correction on any/all of the above - this is as I said my interpretation.
