Swissair Deserved to Fail, Says Report | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-02.03.25

Airborne-NextGen-02.04.25

Airborne-Unlimited-01.29.25

Airborne-AffordableFlyers-01.30.25

Airborne-Unlimited-01.31.25

Tue, Jan 28, 2003

Swissair Deserved to Fail, Says Report

Mismanagement Reigned

The firm of Ernst & Young, hired to look into the collapse of Swissair, has released its 3300-page report; and it is not flattering to that airline's management.

Although much passenger inconvenience accompanies any airline's shutdown, the report noted that Swissair, when it shut down on October 2, 2001, was actually sitting on ten times as much cash as it said it had -- and could have made the impact on its customers quite a bit less-severe. [The numbers cited were 123 million francs actual, vs. 14 million, as-reported at the time --ed.]

The AP says E&R noted the airline knew internally, well over a year ahead of the shutdown, that it faced a $4.5 billion Swiss Franc shortfall for the coming year. It then embarked on an orgy of acquisitions.

Additionally, the reports say Swissair's 1999 and 2000 financials "did not present the economic and financial situation of the SAirGroup correctly," which hints at possible criminal activity.

The AP quoted former Swissair CEO Philippe Bruggisser as saying, "I always acted to the best of my knowledge and tried to do my best for the company. I regret that things went wrong."

The government's replacement airline, Swiss International, is struggling to break even.

FMI: www.swiss.com

Advertisement

More News

ANN's Daily Aero-Term (02.03.25): Class E

Class E Generally, if the airspace is not Class A, Class B, Class C, or Class D, and it is controlled airspace, it is Class E airspace. Class E airspace extends upward from either >[...]

ANN's Daily Aero-Linx (02.03.25)

Air Force Pararescuemen, also known as PJs, are the only DoD elite combat forces specifically organized, trained, equipped, and postured to conduct full spectrum Personnel Recovery>[...]

NTSB Final Report: Sheaffer Leroy B Kitfox Model IV

As He Lifted The Tailwheel Off The Ground, The Airplane Immediately Turned Left And Departed The Runway Analysis: The pilot stated that, during takeoff from a 40-ft-wide runway and>[...]

ANN FAQ: Submit a News Story!

Have A Story That NEEDS To Be Featured On Aero-News? Here’s How To Submit A Story To Our Team Some of the greatest new stories ANN has ever covered have been submitted by our>[...]

Classic Aero-TV: Flight-testing a Piece at a Time--Evaluating the Rans S-21 Wing

From 2017 (YouTube Edition): Rans Aircraft Tests S-21 Wing On Raven Airplane… Rans Aircraft has been developing a new, all-metal wing for its S-21 Outbound airplane, but wit>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2025 Web Development & Design by Pauli Systems, LC