At an extraordinary meeting, the Crossair Board of Directors carried out a detailed analysis of the consequences of the dramatic development of the Swissair Group’s financial situation and the world-wide difficulties facing the world’s airlines, with the following outcome:
The Administrative Board supports the Swissair Group’s completely new strategic business concept. This provides for the unification of Swissair and Crossair in the new business unit “Swiss Air Lines”.
Thanks to Crossair’s advantageous cost structure, this means for Crossair a greatly expanded business basis in the short-haul and medium-range sectors. It means also a close incorporation of Crossair in the refinancing of the Swissair concern, with the aid of public funds and industry. Crossair’s minority holding will be offered for buy-out at a fair price as soon as possible, according to assurances from the Swissair Group President Mario Corti. Until such a time, Crossair will retain its company independence.
Crossair releases André Dosé, its highly esteemed CEO, to take over the leadership of the new “Swiss Air Lines” business unit under Swissair Group President Mario Corti, with all the necessary authority. André Dosé continues in his position as President of Crossair.
Crossair forms a key part of the new concept and will continue as a joint stock company with its headquarters and main activity in Basel.
The Board of Directors