SAirGroup postpones results

SAirGroup's results for 2000 have been postponed following management changes Keystone

The aviation company, SAirGroup, announced on Wednesday that it is postponing the publication of its results for 2000 but said that the rethink of its strategy was going as planned.

This content was published on February 14, 2001 - 16:52

The date for the annual news conference had been set for March 12, but has been put back to April 2.

The company said the decision to postpone the release of results was due to management changes. The group's chief executive, Philippe Bruggisser, left in January when the group announced a major shift in strategy.

The board decided that the SAirGroup would make no further investments in the airline sector. It has since withdrawn its candidacy for stakes in Poland's LOT airline, Malaysian Airline System and Turkish Airlines.

Meanwhile, a company spokesman said that a new head for the group's three French airline subsidiaries would be named within days. He was responding to reports in the French newspaper, Le Monde, that an announcement was imminent.

The new head will be mandated to sell the companies. Paul Reutlinger, the Swissair executive currently in charge of the French airlines, tendered his resignation earlier this month.

SAirGroup is also preparing for a key meeting on February 23 on the future of the Belgian airline, Sabena, in which it holds a 49.5 per cent stake. The Belgian government owns the rest of the company.

The two shareholders have agreed a capital injection of around SFr380 million conditional on a restructuring programme.

But labour unions are objecting to key parts of the plan.

Swissinfo with agencies

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