Manufacturing Industry
Swiss International Air Lines close to securing new credit line
Airline Industry Information, Sept 27, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Shares in Swiss international Air Lines jumped by as much as a third after the company announced it was close to securing a new credit line which would allow it to reorganise it operations.
The new credit line for CHF325m was approved by an international banking syndicate on 24 September 2004 according to the airline. The carrier is now waiting on a few private investors to approve the deal.
The market showed its satisfaction at the news with shares in the airline jumping by 33.5% to CHF10.55 at one point. The airline's shares closed at CHF9.50, a rise of 20% on the price at the start of trading, reports Reuters.
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