Switzerland: SAirGroup's bankruptcy proceedings are nearing completion

According to a statement from liquidator Karl Wüthrich, SAirGroup's bankruptcy proceedings are nearing completion. It was published in the official gazette that around 2,8 billion Swiss francs were due to be distributed to creditors.

Swissair was once a proud airline, but it collapsed financially in 2001. The last scheduled flight was carried out on April 1, 2002. The probate process has not yet been completed. Now the time has come. The publication in the Swiss Official Gazette of Commerce reveals some positive surprises: creditors in classes 1 and 2 receive a 100 percent quota. The others will receive 23,5 percent, which is significantly more than expected, as a zero round was even expected at times.

SAirGroup was the head of the group of companies. In the last months of the “fight for survival”, Chairman of the Board of Directors Mario Corti ordered that the company act as the Swissair Group again. However, this was only a short episode.