Credit line to keep Swissair operating:
From Tribune news services
Published November 1, 2001
The Swiss government said Wednesday that it had obtained a $625 million credit facility that will keep collapsed national airline Swissair running for the next several months.
The announcement came as efforts picked up to salvage subsidiaries that handle ground support for the airline, which is being taken over by its regional airline Crossair in a complicated rescue package.
The credit will help Swissair continue its flights to Asia, Africa and the Americas until the end of March, when 26 long-haul aircraft will be incorporated into Crossair's fleet.
Also Wednesday, Belgian flag carrier Sabena told its staff that no investors were likely to take over the whole airline group but that it hoped to continue limited activity through a subsidiary.
The Belgian government, which owns 50.5 percent of Sabena, gave the airline a one-month bridging loan last month. Sabena filed for bankruptcy protection Oct. 3.
Another troubled carrier, Aer Lingus, said it was slashing 2,000 jobs as part of a plan to save Ireland's state-owned airline.