Zurich parliament backs airline investment

Crossair received another boost with the canton's vote Keystone Archive

The canton Zurich parliament has backed a SFr300 million ($183 million) investment in the country's new national carrier.

This content was published on November 12, 2001 minutes

In favour of the investment were 101 deputies, while 67 voted against. The proposal will now be put to the people in a cantonal vote.

Zurich's investment makes up the bulk of SFr400 million that the cantons are expected to invest in the re-launched airline built around Swissair's regional subsidiary, Crossair.

Crossair is set to assume two-thirds of Swissair's operations by April next year. Swissair's huge debt mountain meant it was ill equipped to deal with the financial consequences of the September 11 attacks. Its parent, the Swissair Group, collapsed last month.

The federal government intends to invest SFr600 million in the new airline and to extend a credit of SFr1 billion to keep Swissair long-haul operations in the air until Crossair is ready to take over.

The Federal parliament will begin debating these proposals on Friday, though its approval is expected to be a formality.

Private investment in the new airline amounts to about SFr1.7 billion.

The new airline is expected to have an equity base one third of its balance sheet.

swissinfo with agencies

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