Swissair creditors get some cash back
The liquidator of former national carrier Swissair has overseen the payment of SFr320 million ($310 million) to the company's 10,300 creditors over the past six months.
Karl Wüthrich wrote in a circular released on Saturday that the sum was equivalent to 5.3 per cent of the funds owed.
Further payments are expected in the coming months, although the total shall probably not exceed 14.3 per cent of the debts of SAirGroup, the airline’s parent company.
Former employees have already received all that was owed to them, and all social security payments have been made according to the liquidator. A first payment worth SFr535 million was made last October.
Swissair folded in 2002, collapsing after buying stakes in numerous loss-making airlines, including Belgium’s Sabena and Poland’s Lot, in an attempt to form its own airline alliance.
The company left behind debts to the tune of SFr17 billion and 5,000 jobs were lost.
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