Swisscargo in new company

Under a memorandum of understanding between Swisscargo Ltd., the Swissair Group’s airfreight marketing company, and a group of Swiss investors, a new company is to be formed that will
ensure the continuity of any airfreight business formerly managed by Swisscargo.

Swisscargo had been responsible for the marketing Swissair’s, Sabena’s and Crossair’s airfreight capacities but with a decline in sales following the Sept. 11 attacks, the grounding of the Swissair fleet in early October and collapse of Sabena, Swisscargo had to file for debt moratorium as a direct consequence of the insolvency of Swissair.

The memorandum sets out the establishment of a new, worldwide operating general sales and service agent organization managing the airfreight business for various passenger airlines. The new organization is contingent on winning a contract from the new Crossair, which is scheduled to take over most of Swissair’s remaining routes on March 28, reports Air Cargo World.