Swissair asks LTU workers to accept pay cut

Switzerland's SAir group, says workers at the German tourism company, LTU, of which it owns nearly 50 per cent, have been asked to accept a ten per cent pay cut as part of a rescue package.

Switzerland’s SAir group, says workers at the German tourism company, LTU, of which it owns nearly 50 per cent, have been asked to accept a ten per cent pay cut as part of a rescue package.

SAir group’s Beatrice Tschanz said workers would be asked to accept reduced pay for six to 18 months, and hoped the Düsseldorf-based concern would be back on its feet in three years.

LTU has been in financial trouble, mainly due to the explosion of flight prices and a high dollar exchange rate. SAir is looking for partners for LTU in England, France and Germany.