Manufacturing Industry
Swissair placed under temporary creditor protection
Airline Industry Information, Oct 8, 2001
AIRLINE INDUSTRY INFORMATION-(C)1997-2001 M2 COMMUNICATIONS LTD
Swissair Group has been put under temporary creditor protection until 5 December.
The move will reportedly provide the company with some extra time to wind up its affairs and avoid immediate bankruptcy. A commercial court in Zurich, Switzerland approved the creditor protection on Friday (5 October). After the court-appointed administrator has taken stock of the companies' assets and liabilities, the court will decide the company's final outcome in December.
Some CHF450m in government emergency funds may now be transferred to Swissair, which urgently needs money to keep its aircraft flying. Part of the money has already been handed over, Reuters reported.
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.PUB 430 >PD OCTOBER 8, 2001 >JN AIRLINE INDUSTRY INFORMATION .PRICEDATE NOT APPLICABLE .DAY
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