SkyWork's bankruptcy propelled lenders into personal bankruptcy

Saab 2000 (Photo: Jan Gruber).
Saab 2000 (Photo: Jan Gruber).

SkyWork's bankruptcy propelled lenders into personal bankruptcy

Saab 2000 (Photo: Jan Gruber).
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The bankruptcy of the Swiss regional airline SkyWork Airlines also means that the Austrian tour operator Rhomberg Reisen is worried about 100.000 Swiss francs. The prospects of getting the money back are slim, at most the tour operator could get a seven percent quota from the bankruptcy estate. A private lender was hit even harder: he borrowed ten million francs from the carrier and slipped into personal bankruptcy himself

But Rhomberg Reisen is not alone, because with 280.000 Swiss francs, Hotelplan is one of the largest creditors in this segment. SkyWork owes a debt of 230.000 francs to Aaretal Reisen and Tui Suisse and Belpmoos Reisen are both in the chalk with 100.000 francs. According to “Der Bund” (print edition), the liabilities at Saab, Rolls-Royce and Eurocontrol are around 460.000 Swiss francs. Bern-Belp Airport has already written off the roughly 1,5 million Swiss francs that SkyWork could no longer pay due to the bankruptcy.

However, a private lender suffered much more damage. The local real estate developer Matthias Nietzke granted SkyWork Airlines a loan of ten million Swiss francs in 2017. This is a subordinate claim, as this was agreed in the contract. This means that all other registered claims are serviced first and if something is left over, this loan is serviced. According to the current state of information, Nietzke could go completely empty-handed, as only the creditors in classes one and two are paid out in full. Those of the so-called third class, for example ticket customers, tour operators and lenders, will probably only receive a seven percent quota, according to the bankruptcy office of Bern-Mittelland. Specifically, 1,8 million Swiss francs are earmarked for claims in the first two classes. These are primarily wages and social security claims, which must be given priority under Swiss insolvency law.

However, the SkyWork coffers were not completely empty at the time of the bankruptcy filing. The company was over-indebted, but not penniless. The company's current accounts still contained 3,3 million Swiss francs. The sale of property, such as office inventory and aircraft spare parts, still brought in 490.000 Swiss francs, according to the Bern-Mittelland bankruptcy office. However: the activities of the court and the trustee have so far devoured 1,4 million francs.

The aforementioned private lender had to file for personal bankruptcy itself in the wake of the SkyWork bankruptcy. According to his own statements, he did not receive any repayment and due to the fact that the claim is subordinate, it is very likely that he will go away completely empty-handed.

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Editor of this article:

Jan Gruber is Senior Editor at Aviation.Direct. Before that, he had held the same position at AviationNetOnline (formerly Austrian Aviation Net) since 2012. He specializes in low-cost carriers, regional aviation in the DA-CH region and in-depth research.

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About the editor

Jan Gruber is Senior Editor at Aviation.Direct. Before that, he had held the same position at AviationNetOnline (formerly Austrian Aviation Net) since 2012. He specializes in low-cost carriers, regional aviation in the DA-CH region and in-depth research.

Nobody likes paywalls
- not even Aviation.Direct!

Information should be free for everyone, but good journalism costs a lot of money.

If you enjoyed this article, you can check Aviation.Direct voluntary for a cup of coffee Coffee trail (for them it's free to use).

In doing so, you support the journalistic work of our independent specialist portal for aviation, travel and tourism with a focus on the DA-CH region voluntarily without a paywall requirement.

If you did not like the article, we look forward to your constructive criticism and / or your suggestions for improvement, either directly to the editor or to the team at with this link or alternatively via the comments.

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