SAS23 From , joined Dec 1969, posts, RR: Posted (11 years 9 months 2 weeks 6 days 23 hours ago) and read 954 times:
Air Lib announced that the Commercial Court of Paris has upheld its claim that Crossair--now part of swiss--which changes its name to Swiss International Air Lines on July 1, is obliged to pay debts owed by failed Swissair.
Air Lib, formerly known as AOM Air Liberte, argued that Crossair is the successor of SAirGroup and therefore liable for commitments made by SAir to Air Lib. SAirGroup had a 49% stake in Air Lib.
The French carrier is claiming nearly eur61 million ($56.5 million) from Crossair, including eur22.4 million for AOM Air Liberte-issued tickets that were not used by passengers and eur38.1 million equaling the outstanding balance of its divestiture agreement with SAirGoup. Crossair said it will appeal the ruling.
This is good news - and bad - for SNBA as it opens the door to claims for the €210 million that Swissair owed it; but at the same time, it establishes a precedent that Sabena's debts can be recovered from SNBA.
Slz396 From , joined Dec 1969, posts, RR:
Reply 1, posted (11 years 9 months 2 weeks 6 days 21 hours ago) and read 933 times:
Sorry to disappoint you SAS23, but this is only good news for SN Brussels Airlines.
SN can sue Swiss to claim with success the money Swissair owns them, something which they are doing BTW...
It is not bad news for them, because ALL debts from Sabena were covered by the Belgian government state guarantee in case of bankruptcy of the former flag carrier, so if any creditor wants to get his money back from the Sabena bankruptcy, he might try to sue SN Brussels Airlines, but the bill must be paid by the Belgian government.
Slz396 From , joined Dec 1969, posts, RR:
Reply 3, posted (11 years 9 months 2 weeks 6 days 19 hours ago) and read 914 times:
EU confirmed the above principle during the Blue Sky negociations in February 2001 as all depts from Sabena dated back to a period in which the Belgian government was majority stake holder in Sabena...
SNBA will recover 0 eurocent depts from Sabena, both the Belgian government and the EU confirmed this once again on November 11th 2002 after they both gave permission to transfer the bridgeing loan from Sabena to dat.
Sadly for Swiss Swissair did not have such government guarantee...
Vfw614 From Germany, joined Dec 2001, 3797 posts, RR: 5
Reply 4, posted (11 years 9 months 2 weeks 6 days 19 hours ago) and read 908 times:
I guess the only likely outcome is that Swiss will stop serving France with its own aircraft to avoid getting the planes arrested. I can't see a way how the French court decision could ever be executed in Switzerland as no Swiss court will recognize the French decision. Court decisions are one thing, getting the hands on the defendant's assets another thing.
Swissgabe From Switzerland, joined Jan 2000, 5266 posts, RR: 34
Reply 5, posted (11 years 9 months 2 weeks 6 days 15 hours ago) and read 889 times:
Hold on, whats about the law in France if you can claim a brand new company where Crossair is a part of it. Crossair was owned by Swissair and not Crossair owned Swissair. So how could they claim money from Crossair. Swiss is a new company and has simply nothing to do with Swissair, Swissair has gone bankrupt and I would be surprised if there are countries around where you can claim a bankrupt company which simply disappeared.
I think blocking aircrafts as in BRU/NCE or where ever is not the way. Especially when they blocked a Crossair RJ145 when Crossair had nothing to do with Swissair was wrong at all and I think it would have been possible to claim the responsible persons in a lot of countries, but maybe in France everything is different.
If France will block Swiss aircrafts in the future I don't think that this will be that smart...
Smooth as silk - Royal Orchid Service /// Suid-Afrikaanse Lugdiens - Springbok
SAS23 From , joined Dec 1969, posts, RR:
Reply 7, posted (11 years 9 months 2 weeks 6 days 12 hours ago) and read 871 times:
Slz396 - thanks for that clarification, much appreciated!
Of course, this opens the way forward for claims against French companies that have arisen, Phoenix-like, from the ashes of their predecessors - Credit Agricole being one that springs to mind; BNP another ...