Word: swissair
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...almost five years of [more or less] uninterrupted growth, and now the sobering up will come." - By Jan Stojaspal A Short Haul Germany's Lufthansa confirmed it was in talks with Swiss International Air Lines about taking over the struggling carrier. Swiss - born out of the 2001 collapse of Swissair - would retain its brand...
...setting ourselves apart," says Lufthansa executive Carsten Spohr. "We want to show that quality has indeed come back to air travel." Other airlines haven't yet gone quite so far, but British Airways will next month open a spa for its top-end customers at JFK, and SwissAir will copy Lufthansa's all-business-class flights with a new route from Newark to Zurich...
CHRISTOPH FRANZ High Flyer Swiss International Air Lines, successor to the defunct Swissair, has been flying low since it took off in 2002. The unprofitable carrier is seeking to get lift from its new CEO, Franz, 44, who most recently worked at the German railway Deutsche Bahn. But it was Franz's track record at Lufthansa that put him in the Swiss pilot's seat. In the early 1990s, Franz helped then CEO Jurgen Weber free the German carrier from high labor costs and years of losses. Lufthansa tried and failed to grab Swiss late last year...
...Langendries' 15-member commission. While sometimes contradictory and self-serving, their testimony adds up to a devastating indictment of the way Sabena was run. It's the tale of a chronically undercapitalized and uncompetitive company driven to ruin by a flawed expansion policy and an ill-fated alliance with Swissair. And throughout, a passive and heavily politicized board of directors signed off on one strategic blunder after another. Langendries says he doesn't want to pre-empt the commission's official findings, which are due by the end of the year, but one conclusion is indisputable. "There were bizarre goings...
...Sabena's final months were an ugly mess. Up in arms over Müller's proposed cutbacks, unions staged work stoppages and at one point blocked a Swissair plane on the runway in Brussels. Swissair abandoned its hunter strategy and kicked out its CEO in early 2001 after reporting a $1.9 billion annual loss. It reneged on agreements to raise its stake in Sabena to 85% and inject more funds. The Belgians sued, and a compromise was finally agreed. Then came the terrorist attacks of Sept. 11. Air traffic worldwide nose-dived. Within a month, Swissair grounded its fleet...