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Swiss secures future
Friday, 01 Nov, 2004
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Swiss has secured a £147.5 million loan for the next three years.
The Swiss national carrier closed the credit agreement with an international banking syndicate for a CHF325 million secured credit facility this weekend.
The airline plans to use the loan, CHF180 million of which will be directly available, to strengthen its position in the European market under increasing pressure from no-frills airlines.
Chief executive Christoph Franz said: “With our enhanced liquidity base, we will now be able to take the steps required to further strengthen our competitive position.”
The banking syndicate comprises Halifax Bank of Scotland, Barclays Capital, Credit Suisse, UBS and the Zurich Cantonal Bank.
Report by Ginny McGrath
Ginny McGrath
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