Banking & Fintech

Shareholders steam as Swissair collapses

This content was published on Oct 3, 2001 At the close of business, the share price recovered a little to finish at SFr6.50, down 84.2 per cent on Friday. The collapse of the Swissair Group’s share price surprised nobody, but that didn’t cushion the blow to investors. As a symbol of national pride, Swissair has always provided a natural home for a deep…

Swissair crisis pushes Sabena into bankruptcy

This content was published on Oct 3, 2001 Belgium’s employment minister, Laurette Onkelinckx, said on Wednesday that Sabena was seeking bankruptcy protection from a commercial court so it could keep flying for the moment. “It is a concordat or bankruptcy. There are no other choices,” he said. A concordat is the Belgian equivalent of Chapter 11 bankruptcy protection in the United States. The…

Airline debacle harms Swiss image

This content was published on Oct 3, 2001 Switzerland no longer signifies reliability, wrote Le Temps, a French-language daily, in its Wednesday edition. The image of Swissair’s failure is now ingrained in the public consciousness. Zurich’s prestigious Neue Zürcher Zeitung took a similar view, saying that the Swiss image of seriousness and readiness may no longer apply. Shareholders, airline customers and even the…

Belgium to sue Swissair for reneging on Sabena payments

This content was published on Oct 2, 2001 Belgium’s privatisation minister, Rik Daems, confirmed on Tuesday that Sabena would seek to take Swissair to court. His comments came after the Swiss airline canceled flights to Belgium, saying it feared its planes would be seized. Swissair was on Monday due to pay Sabena €120 million ($110 million) as part of a €430 million re-structuring…

Zurich airport’s business plan shredded

This content was published on Oct 2, 2001 On Tuesday, shares in Unique, the company that runs the airport, were suspended to prevent their freefall as the airport faces the loss of its main customer. Plans to turn Zurich airport into a huge international hub will now have to be shelved as the new airline radically scales back its operations. In addition, Crossair…

Unaxis cuts 600 jobs

This content was published on Oct 2, 2001 Unaxis said the cuts, representing 7.5 per cent of the company’s workforce, would affect all levels and would be carried out through natural attrition wherever possible. A total of 190 jobs are to be cut in Switzerland and Liechtenstein, with 90 of those being direct layoffs. “The extent of the market decline is extraordinary and…

Crossair to fly the flag as Swissair gives up the struggle

This content was published on Oct 2, 2001 The plan leaves Crossair as the country’s flag carrier. At a press conference in the federal capital, Bern, the Swiss government said it would not become involved in the financing of the new venture. The finance minister, Kaspar Villiger, said the government regretted the “painful consequences” which would follow for a section of the Swissair…

Cows come home to St Cergue

This content was published on Oct 2, 2001 St Cergue is one of only a handful of towns in French-speaking Switzerland to hold a special festival devoted to the centuries-old practice of transhumance – bringing the herds down from the mountains for the winter months – and probably the only one not in the Alps. Here, the festival is known as the Désalpe,…

Swissair cancels flights to Brussels amid Belgian anger

This content was published on Oct 2, 2001 Swissair’s financial collapse on Monday came on the day it was to invest SFr200 million as past of an agreement with the carrier’s other shareholder, the Belgian government. “We don’t comment on security issues,” said a company spokesman when asked if Swissair was afraid its planes might be impounded if they flew to Brussels. Belgium…

UBS reports suspicious transactions

This content was published on Oct 2, 2001 UBS, the country’s largest bank, said it uncovered the transactions while comparing its customer list with a list of some 200 names of suspects distributed by the United States Justice Department. The accounts were small, and none was in a Swiss branch, UBS said. Only one transaction took place in Europe, the remainder were on…

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Banking & Fintech

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Shareholders steam as Swissair collapses

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Swissair crisis pushes Sabena into bankruptcy

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Airline debacle harms Swiss image

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Belgium to sue Swissair for reneging on Sabena payments

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Zurich airport’s business plan shredded

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Unaxis cuts 600 jobs

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Crossair to fly the flag as Swissair gives up the struggle

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Cows come home to St Cergue

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Swissair cancels flights to Brussels amid Belgian anger

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UBS reports suspicious transactions

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