Word: swissair
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Dates: during 2000-2009
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...Swissair, $1.7 billion in the red last year, said it lost another $40 million from interruptions in scheduled flights to the U.S. "There was definitely a fear of flying," said Swissair spokesman Jean-Claude Donzel. "We don?t know when we can expect the turnaround." To cope with the crisis Swissair was forced to 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...
...hard to guess which ones he might be talking about. Swissair, Sabena and Alitalia were all in bad financial shape before the attacks in the U.S. Even well-managed, profitable airlines have been flying by the seat of their pants in the months since the economic slump began. Analysts estimate that even a 3% drop in passenger traffic can make the difference between a profitable year and a stinker. Within 14 days of the attacks, at least 16,000 people working for European airlines were told they would soon lose their jobs...
...Sabena, which is 49% owned by Swissair and has had only one profitable year in its 40-year history, bankruptcy loomed closer last week after management and unions failed to agree on a plan that would cut 550 jobs now and 900 through attrition. "Everybody has to know that the only alternative to the business plan is the closure of the company," said ceo Christoph M?ller. Sabena will hold a vote of its workers this week in an effort to win approval for the rescue plan. Swissair agreed earlier this year to give Sabena $227 million...
...conference calls with the airlines. Although those calls, which also included officials from the Department of Transportation, began with just the major airlines of the ATA participating, as the afternoon wore on, Garvey started to bring in every US airline, and eventually every major foreign air carrier, including SwissAir, Lufthansa and Aeroflot...
...Swissair remains a minority shareholder in LTU, a German tour operator, which is, yes, losing money. Swissair's last financial report showed that the annual cost to the company was at least $309 million. Corti says cost-cutting measures at LTU are in place to return it to profitability by 2003. Swissair, the airline, has also been losing money ($110 million in 2000), even with load factors above the industry average. Swissair does have some businesses like Gate Gourmet, an airline caterer, that are profitable and downturn-resistant. With the worldwide industry in descent, it could do with...