Word: crossair
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Dates: during 2000-2009
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Swiss was born four months ago of a hasty merger between the defunct national airline - crippled by a failed expansion plan and the post-Sept. 11 travel drought - and its regional subsidiary Crossair. Banks, private industry and the government chipped in ?1 billion to launch the company. To signal a new era while capitalizing on Swissair's traditional image of quality, the name and logo were changed only slightly. The fleet of 128 planes serves 126 cities in 60 countries, 30% fewer destinations than before the merger. "Some people expect this airline to follow Swissair's model," says Stephane Garelli...
...since it is filling only 60% of its seats. Yet some industry experts say the results are not bad for a start-up, and the airline is expecting to turn a profit in 2004. But there are other storms as well. One is an increasingly bitter dispute with former Crossair pilots. Their union has rejected a proposed 16% salary increase on top of last year's 28% raise, saying that former Swissair pilots were offered a better deal. Industry insiders say long-standing animosity between Swissair and Crossair pilots is at the root of the bickering. Different corporate cultures pitted...
...draft plans for its second restructuring in five months. The airline will now concentrate on higher-margin business travel in Europe and scale back its long hauls by 25%. Swissair said it would cut 3,000 jobs at its catering subsidiary, Gate Gourmet, and merge with its regional airline Crossair into a single carrier, resulting in thousands more job losses. "It?s the beginning of a more realistic time," said Sepp Moser, an industry analyst. A prominent industrialist, Ulrich Bremi, was named to head a panel that is trying to raise an estimated $1.9 billion in fresh capital to keep...
...bailing out of another regional French carrier, AOM/Air Liberté, which was also generating millions of losses. "The exit from France should further reassure our stakeholders that we are committed to resolving loss-making minority airline participation issues and to fully focus on our core airline business, Swissair and Crossair," Corti said...
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