SWISS: Crossair Changes its Legal Name

Crossair informed its shareholders of the company’s results for the 2001 business year at its Annual General Meeting in Basel today.  The company sustained a consolidated loss of CHF 314 million for the year, owing largely to non-recurring items associated with the decline of Swissair.  The meeting approved the proposal that no dividend be paid for the 2001 business year, and also approved a change of the company’s name from Crossair Ltd. to Swiss International Air Lines Ltd.

Crossair posted a consolidated loss of CHF 314 million for the 2001 business year.  A large part of the deficit - CHF 290 million - derives from non-recurring items relating to the insolvency of the SAirGroup.  Crossair was also faced with a steep decline in demand for its services following the tragic events of September 11.  The airline carried 5.9 million passengers last year, a decline of six per cent on prior-year levels.  Total operating revenue amounted to CHF 1 393 million, a year-on-year increase of nine per cent. 

With the company’s development into Switzerland’s intercontinental airline, the Crossair Board of Directors resolved to conduct its air transport business under the SWISS brand, and to change the company name to Swiss International Air Lines Ltd. with effect from July 1, 2002.  The meeting approved the proposed change of name.  The meeting further approved the proposed amendments to the company’s Articles of Association.  As a result, the object of the company is now to operate a Swiss airline for the carriage of passengers, cargo and mail in and outside Switzerland.

A number of cantons and municipalities indicated their willingness to participate in the capital increase resolved at the Extraordinary General Meeting of December 6, 2001.  However, since some of the cantons and municipalities concerned would be unable to have such investments approved by their parliaments or their populations (by referendum) in time for the ordinary capital increase, the EGM also approved the creation of authorised capital.  The deadline for subscriptions to the capital increase has now been extended to April 30, 2003.  SWISS currently has several major shareholders including the Swiss Confederation (with 20.5%), UBS (10.5%), Canton Zurich (10.2%), the CS Group (10.0%) and AMAG (6.8%).  Some 4.0% of total share capital is held by various private shareholders.
The Annual General Meeting was held in the St. Jakobshalle in Basel and was attended by 1438 shareholders.