Swissair (official name “Swissair” Swiss Air Transport Company’s shares ) based in Kloten was from 1931 until its bankruptcy proceedings in October 2001 and liquidation in March 2002, the national airline of Switzerland . In the wake of the collapse of its parent company SAirGroup was based on the regional airline Crossair , the new Swiss airline Swiss was founded. Today for Lufthansa owned Swiss uses part of the aircraft and serves a variety of routes of the former Swissair.
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In March, Mario Corti was Chairman and interim CEO of the SAirGroup. He had in April, an annual loss of 2.885 billion francs reported what was due to the high provisions for exiting from the airline holdings. A Task Force was set up scenarios to improve the financial situation and the synergies between Swissair and Crossair to develop. The hotel chain “Swissôtel” was sold for around 410 million francs to repay loans to banks. In the summer of 2001, the largest loss-makers in the group, AOM and Air Liberté were sold. These additional funds worth hundreds of millions were needed. Due to additional expenditures for Sabena, the equity ratio fell by 30 June 2001 to 2.55% and the liquid assets to 550 million francs. More