Swissair resumes some flights after government bailout

by Canadian Shipper

Swissair resumed flying approximately half of its schedule yesterday after the Swiss government provided a Sfr450 million ($USD 278 million) “credit” to the bankrupt carrier late Wednesday evening.

Swissair had grounded its fleet of 77 aircraft Tuesday stranding thousands of passengers across its network, after banks stalled on desperate appeals for immediate further aid to permit flight operations to continue.

Swissair has attacked UBS and Credit Suisse Group for not making available before Tuesday evening some of the combined Sfr1.35 billion ($835 million) agreed to on Monday as a partial bailout involving the banks taking over 70% of profitable Regional carrier Crossair.

Crossair was still operating flights yesterday to various European destinations usually served by Swissair under Crossair flight numbers and under its own commercial responsibility.

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