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Swissair scratches for funds

This content was published on Oct 8, 2001 Switzerland’s biggest banks, UBS and Credit Suisse Group, had pledged a SFr250 million ($154.1 million) bridge loan as part of a SFr1.36 billion rescue package they unveiled last Monday. Swissair was granted court protection from creditors on Friday. Complicating matters, the bridge loan was to be secured by assets now under the administration of the…

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Swiss delegation seeks more trade with Iran

This content was published on Oct 7, 2001 Couchepin told his Iranian colleagues that under the current circumstances, his two-day mission to Iran marked “the importance Switzerland attaches to bilateral economic relations between the two countries.” “Switzerland did not want Iran to isolate itself from the world,” he added. The Swiss economics minister was accompanied by representatives of the Swiss industry, who complained…

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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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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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US losses hit Zurich

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Swissair scratches for funds

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Swiss delegation seeks more trade with Iran

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Swissair deal likely to remain in news

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Foreign banks prepare for legal action against UBS and Credit Suisse

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Swissair deal likely to remain in news

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Swissair failure unleashes search for scapegoats

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Government draws line under Swissair credit

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Sabena given breathing space to solve financial problems

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Health insurers hike premiums by nearly 10 per cent

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