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02. nov 2001 - Following intensive efforts, the group dealing with the project of "Airline related operations of the Swissair Group" have succeeded in developing firm proposals for a solution to secure the continued functioning of the airline related operations of the SAir Group. With this solution, the conditions laid down by the Confederation for the transfer of a first tranche of the CHF 1 billion credit have been met. Peter Siegenthaler, Director of the Federal Finance Administration (FFA), therefore today announced the release of a first credit of CHF 50 million.
From the outset, the Confederation made it clear that it would only grant Swissair the CHF 1 billion credit if certain conditions were fulfilled. In particular, it expected the airports, together with the cantons and the banks, to develop firm proposals to secure the functioning of the most essential branches of the airline related operations.
The project group, chaired by the Secretary-General of Canton Zurich's Economic Affairs Directorate, Georg Elser, conducted its work in an exemplary manner and under a great deal of pressure. Their work was supported personally by Ruedi Jeker, Director of Canton Zurich's Economic Affairs Directorate. The group was actually already in a position to send positive signals from Zurich to Bern on Wednesday. Today, the first firm proposals regarding the functioning capabilities of the airline related operations were elaborated in greater depth, thereby ensuring the continued functioning of the airports themselves. Above all, the credit standing of the three airline related operations SR Technics, Atraxis and Swissport have been restored.
Today, in real terms this means the following for the three airline related operations:
1. The financing of the firm is assured to the sum of CHF 100 million.
2. A term sheet has been signed and approved between the parties concerned.
1. Liquidity is assured for the month of November.
2. Negotiations for the sale of the company are at an advanced stage.
1. Negotiations for the sale of the company are at an advanced stage.
2. Liquidity is assured for the coming weeks.
Consequently, in the opinion of the Confederation, the conditions for releasing the first tranche of the CHF 1 billion credit to Swissair had been fulfilled.
Andreas Hugi, Directorate for Economic Affairs of Canton Zurich Tel.: (01) 259 26 18
Peter Siegenthaler, Fed. Finance Administration, Tel.: (031) 322 60 05
2 November 2001
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