Previous post Next post

Swissair liquidator extracts CHF2.75 million from former bosses

Former Swissair bosses have been ordered to pay CHF2.75 million ($3 million) almost 20 years after the national airline carrier went bust. The bill has been presented to 14 former managers after many years of legal wrangling and court battles.

Swissair’s liquidator announced the agreed settlement on Friday, having failed last year to hold the executives liable for the much larger sum of CHF280 million.

The grounding of the 71-year-old national airline in 2001 was received with shock in the Alpine country. The bankruptcy was blamed in part on the 9/11 terrorist attack in the Unted States, but managers were later accused of presiding over a recklessly extravagant expansion policy.

In November 2019, the Federal Court cleared the 14 managers of mismanagement, a verdict that reduced their liability to damages that were put at CHF280 million.

The liquidator now says the sum of CHF2.75 million is the highest figure it could reasonably extract from the ex-bosses, who include former CEO and chairman of SAirGroup Mario Corti and one-time CEO of Swissair Philippe Bruggisser.

The remains of Swissair and the regional carrier Crossair were brought together in 2002 to form the new national carrier Swiss International Air Lines. After a shaky start which threatened the existence of the fledgling airline, Swiss was taken over by Germany’s Lufthansa in 2005.

Full story here Are you the author?
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3.) Swissinfo Business and Economy Next post
Tags: ,,

🤞 Don’t miss posts anymore!
Subscribe to our newsletter!

Permanent link to this article: https://snbchf.com/2020/12/swissair-liquidator-extracts-chf2-75-million-former-bosses/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.