French Court decision reached on AOM/Air Liberté

The Commercial Court of Créteil (France) has announced that it has approved an offer that provides a solution for the future of AOM/Air Liberté. Under the offer, Holco will continue AOM/Air Liberté’s operations within a revised structure. Swissair Group will be released from any future liabilities.

“We are pleased that the French Court approved a solution,” said Chairman & CEO Mario A. Corti. “This will allow for the continued operation of AOM/Air Liberté and provides a future for a large part of the French airlines’ workforce. It also concludes Swissair Group’s orderly withdrawal from our airline participations in France.”

“The exit from France should further reassure our stakeholders that we are committed to resolving loss-making minority airline participation issues and to fully focus on our core airline businesses, Swissair and Crossair,” Corti added.

The costs associated with this agreement are covered by provisions in the Swissair Group’s accounts as at year end 31 December 2000.