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Foreign banks prepare for legal action against UBS and Credit Suisse

This content was published on Oct 7, 2001 Britain’s “Sunday Telegraph” newspaper reports that the group is critical of the two Swiss banks for failing to consult them prior to the purchase of Swissair Group’s 70 per cent stake in the regional airline, Crossair. The paper claims the group of banks, thought to include Deutsche Bank and Citibank, is owed about SFr9 billion…

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Swissair deal likely to remain in news

This content was published on Oct 7, 2001 The plan involves the Swissair Group selling its 70 per cent stake in its regional subsidiary, Crossair, which will take over the most profitable routes and become the country’s new national carrier. But the banks’ failure last week to advance sufficient funding, which led to the chaotic grounding of the Swissair fleet, caused outrage and…

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Swissair failure unleashes search for scapegoats

This content was published on Oct 6, 2001 When UBS and Credit Suisse offered Swissair a SFr1.4 billion bailout package on Monday, they were showered with praise and hailed as saviours of the Swiss airline industry. Certainly, Swissair was to be broken up but it appeared a new national airline led by Crossair would rise seamlessly from the ashes. But the mood quickly…

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Government draws line under Swissair credit

This content was published on Oct 5, 2001 The finance minister, Kaspar Villiger, said on Friday that the government had no plans to increase the credit, which it granted on Wednesday night. Most of the money was to have been paid out by the end of Friday. Swissair was put under temporary creditor protection on Friday until December 5 by a commercial court…

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Sabena given breathing space to solve financial problems

This content was published on Oct 5, 2001 Sabena filed for protection from creditors on Wednesday after Swissair, which holds a 49.5 per cent stake in the airline, failed to make a promised payment of SFr200 million ($132 million) this week. Immediately after the decision, taken by a commercial court, Sabena said that new “large-scale measures” were already in the offing. The airline…

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Health insurers hike premiums by nearly 10 per cent

This content was published on Oct 5, 2001 The rise is considerably higher than inflation, which stands at under two per cent, and means Swiss adults will pay on average SFr245 ($151) per month for their premiums. The cost varies from canton to canton. Rates remain highest in Geneva at SFr363, while people in canton Appenzell Inner Rhodes pay only SFr163 on average.…

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Corti accuses banks of conspiring to sink Swissair

This content was published on Oct 5, 2001 In an interview with the Neue Zürcher Zeitung (NZZ) on Friday, Corti said UBS had promised to keep Swissair’s cash pool facility open until the end of October, but axed the airline’s funds a week ago. At the same time, the two banks put forward a partial “rescue” plan for the ailing airline, under which…

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Jobless rate holds steady

This content was published on Oct 5, 2001 Last month the number of people registered as unemployed edged up slightly to 62,170 from 61,079 in August. That compares with the 62,329 who were out of work in the same period last year, Seco said in a statement released on Friday. The small increase seen in September was not enough to shift the headline…

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Swissair to get half its fleet airborne

This content was published on Oct 5, 2001 In a statement on Friday, Swissair said it was planning 46 long-haul flights, and 91 within Europe. However, a spokesman said it was still not possible to say when normal services would be resumed. He added that the flight programme for the weekend had yet to be decided. After being grounded for two days because…

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