Swissair sells catering units to Compass
Swissair Group has raised nearly SFr100 million ($60 million) from the sale of two of its catering units to the world's largest food services company, Compass Group.
Under the deal, announced on Monday, Compass will pay SFr96.8 million in cash for Restorama and Rail Gourmet Holding. The sale will also include parts of Swissair’s Gourmet Nova business, which operates airport restaurants.
Restorama provides catering for businesses in Switzerland, Germany and Austria, while Rail Gourmet produces on-board catering for rail passengers throughout Europe.
The acquisitions were approved last week by Swissair’s administrator, but the cash raised will do little to reduce the collapsed airline group’s debt of $14.5 billion.
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