Wed, Feb 21st 2024
Swissair’s two-decade-long debt restructuring saga. With the liquidator Karl Wüthrich presenting the conclusive accounts. Offering a comprehensive look at the financial resolution and its implications for creditors.
After almost 20 years, Swissair’s debt restructuring could soon be finished. The liquidator of SAirGroup, Karl Wüthrich, presented the final accounts to creditors for inspection on Wednesday.
According to the Swiss Official Gazette of Commerce (SOGC), the final accounts and distribution list will be available for inspection by SAirGroup’s creditors from February 21 to March 4, 2024. If no complaint is filed, the final payment will be made as provided in the final distribution list.
According to the final accounts, the net liquidation result that can be distributed to creditors is just under CHF 2.8 billion. Therefore, all claims in the 1st and 2nd classes could be covered 100%. The corresponding debt restructuring dividend has already been paid out.
Creditors in the third class received almost a quarter (23.5%) of their claims. In 2006, the maximum dividend was estimated at 12.5%. 22.4% has already been paid out. Now, creditors with claims in the third class are to receive a final payment of 1.14061 percent.
The liquidation costs are around CHF 220 million. These costs could have been fully covered by income generated during the liquidation of the estate, such as interest, dividends, rental income from properties, and compensation for legal proceedings.
In October 2001, Swissair’s planes were grounded. The ruinous Hunter strategy, a plane crash, and the consequences of the 9/11 terrorist attacks in New York had driven the once proud Swiss airline to ruin and grounded it.
©Keystone/SDA
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