CHF 500 Million Working Capital Facility Secured For Crossair

As envisaged in the “Luftbrücke” Agreement of Principles, Crossair has concluded an agreement with Credit Suisse and UBS providing the company with a working capital facility of up to CHF 500 million.

The facility is intended to provide Crossair with sufficient financial resources to effect the rapid expansion of its route network envisaged under Project Phoenix.  The facility is intended primarily to supply such working capital until the company’s new share capital is paid in.

The first CHF 100 million tranche of the facility, which is secured against aircraft mortgages, has already been paid.  Further tranches will follow once Crossair meets the terms and conditions defined in the working capital facility agreement.