Crossair shareholders to vent doubts
Crossair will hold an extraordinary general meeting on Thursday to discuss the plan for it to become the country's new national carrier.
The gathering in Basel will give shareholders the chance to air their doubts about the new board proposed by the steering committee. The regional airline is set to assume the national carrier role following the collapse of Swissair.
Questions are also expected about the viability of the Phoenix rescue plan that envisages Crossair taking over 52 of Swissair’s fleet by next spring.
Small shareholders are angry about the lack of consultation from the steering committee, which has chosen as chairman-elect, Pieter Bouw, the former head of the Dutch carrier, KLM.
There is also a widespread feeling that the founder of Crossair, Moritz Suter, has been badly treated by not being offered a place on the new board.
Analysts expect a queue of shareholders willing to praise Suter and argue that his experience justifies a rethink.
Banks at odds?
There are also reports of a difference in opinion between UBS and Credit Suisse, who will be the major shareholders in the new airline with a 70 per cent stake. It’s reported that UBS is far more open to the idea of Suter taking a role.
A compromise solution may be to offer Suter some kind of honorary position in the new airline.
by Michael Hollingdale
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