Misplaced Pages

#830169

70-422: It was the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, had more aircraft. It leased Boeing and Airbus aircraft to major airlines worldwide. Father and son team Leslie Gonda and Louis L. Gonda founded ILFC in 1973 along with Steven F. Udvar-Házy . The company was acquired by international insurance giant American International Group (AIG) in 1990, although

140-417: A basis for the creation of Swiss . By preventing the complete collapse of Swissair, the other airline-related businesses of the group were likewise spared collapse. Following another federal repayable funding commitment of one billion francs, each of the 26 long-haul aircraft ( MD-11s and A330s ) and 26 medium-haul aircraft ( A321s , A320s and A319s ) were able to be transferred to Crossair / Swiss at

210-786: A company that initially used older Swissair aircraft to fly to holiday destinations. As the first European customer, Swissair bought the Douglas DC-7 C which enabled the company to provide non-stop flights to the United States. For shorter-range routes, the Convair Metropolitan was used. In 1957, the Far East was added to the route network. Direct flights to Tokyo had intermediate stops in Athens , Karachi , Bombay , Bangkok and Manila . That same year, Swissair helped Aristotle Onassis form

280-530: A discontinued operation. At closing, the remainder of GE Capital, including Energy Financial Services (EFS) and the company’s run-off insurance operations, will transition to GE Corporate. This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement reporting. After the deal closes, GE intends to use the transaction proceeds and its existing cash sources to reduce debt by approximately $ 30 billion, for an expected total reduction of more than $ 70 billion since

350-453: A former regional subsidiary Crossair renamed itself Swiss International Air Lines and took over most of Swissair's routes, planes , and staff. Swissair Group still exists and has since been liquidated. Swiss International Air Lines was taken over by the German airline Lufthansa in 2005. On 26 March 1931, Swissair – Schweizerische Luftverkehr AG (English: Swissair – Swiss Air Transport )

420-496: A full sale or a company break-up like Guinness Peat Aviation from which it emerged in 1993. GECAS' successor "AerCap" maintains a portfolio of narrowbody and widebody passenger aircraft, cargo aircraft, regional jets, and turboprop aircraft from manufacturers such as Airbus, Boeing, Embraer , Bombardier and ATR . Through its Milestone Aviation Group, GECAS also owns and leases AgustaWestland , Sikorsky and Airbus Eurocopter helicopters. Customers finance these aircraft through

490-616: A national referendum held on 6 December 1992, Swiss citizens rejected taking part in the European Economic Area (EEA). This referendum was a significant disservice to Swissair, an airline with a tiny domestic market: its planes were not allowed to take up passengers during intermediate landings in EEA countries (e.g., Zürich-Frankfurt-New York), and Swissair was not allowed to offer tickets for sections that fully lie in EEA member countries (e.g., Zürich-Frankfurt-Paris). See also freedoms of

560-610: A quality airline and from the fact that the political neutrality of Switzerland allowed the company to fly to exotic and lucrative destinations in Africa, the Middle East, South America and the Far East. In geographic terms, the central position of Switzerland in Europe helped it generate revenue from transfer passengers. By the early 1970s, Swissair was becoming known as "the flying bank", appealing to

630-683: A wider European market. Finally, after deregulation, Swissair tried to expand beyond its home market; after the Alcazar project was cancelled, Swissair aimed to be a major force in European aviation. In the mid-1990s, Swissair initiated the disastrous "Hunter Strategy", a major expansion programme devised by the US consulting firm McKinsey & Co . Using this strategy, Swissair aimed to grow its market share by acquiring small airlines rather than entering into alliance agreements. Swissair decided to acquire 49.5 per cent of

700-643: The Airbus A350 XWB did not select GE engines, GECAS would not order it without airline placement. However, the company finally leased the first A350 operated by Qatar Airways to diversify assets and reduce risk. GECAS also leases the Pratt & Whitney-powered Bombardier Q400 and ATR 72 . GE/CFM supports Pratt & Whitney, Rolls-Royce and IAE engines. In 1967, GE Credit Corporation (GECC), now GE Capital , signed its first aviation lease with Allegheny Airlines . The deal leased three McDonnell Douglas DC-9s to

770-725: The Curtiss Condor beginning in 1934. Nelly Diener , the first flight attendant in Europe, became world-famous. She was killed after just 79 flights in a crash near Wurmlingen, Germany, on 27 July 1934. The cause of the crash was material fatigue . In 1936, Douglas DC-2s were acquired, and London was added to the route network. In 1937, the bigger Douglas DC-3 was bought. In the same year, both founding fathers died: Walter Mittelholzer died while mountaineering in Steiermark , Austria, and Balz Zimmermann succumbed to an infectious disease. On 27 August 1939, days before World War II broke out,

SECTION 10

#1732851894831

840-685: The Magadino Plains in Ticino . Operations were suspended in August 1944, when a Swissair DC-2 was destroyed in Stuttgart during an American bombing raid. On 30 July 1945, Swissair was able to resume commercial aviation. In 1947, the rise of shareholder capital to SFr 20 million (equivalent to SFr 95.61 million or US$ 105.06 million in 2021) enabled long-haul flights to New York, South Africa, and South America with Douglas DC-4s . The modern Convair 240 ,

910-713: The CV-990s during that time. Swissair was the second European airline to offer service to the People's Republic of China , introducing service to Beijing and Shanghai in 1975. In the same year, Swissair was the launch customer for the DC-9-51. In 1977, Swissair was the launch customer for the third DC-9 type, the DC-9-81 variant, now called the MD-80. Armin Baltensweiler had travelled to a meeting of

980-613: The China Aviation Industrial Fund to raise funds to repay its US$ 182B government bailout. In August 2013, two of the Chinese companies withdrew their involvement in the deal. AIG had given a deadline for the completion of the deal as August 31, 2013, and alternatives were considered, such as an initial public offering. On December 16, 2013, AIG announced they were selling its entire stake in ILFC to AerCap Holdings N.V. The ILFC

1050-554: The Czechoslovak operator CSA purchased a Ford Trimotor in 1930. The Orion was the fastest commercial aeroplane of its time and was put to use on the "Express Line", Zürich - Munich - Vienna . This led Lufthansa to ask Heinkel for a model that could top Orion's speed, leading to the Heinkel He 70 . The first trans-Alpine route was introduced in 1933: Zürich- Milan . For the first time in Europe, flight attendants were employed aboard

1120-678: The DC-4 on transatlantic routes. In 1948, the airport in Dübendorf, which had served as the base of Swissair, was relocated to Zürich-Kloten. Military aviation continued in Dübendorf. The next year, Swissair plunged into a financial crisis due to a sudden devaluation of the British pound because fares, except for traffic to the United States, were calculated in British currency. At that time, traffic to England made up 40 per cent of Swissair's revenue. In June 1950, Walter Berchtold, manager of Swiss Federal Railways,

1190-546: The French investments. For the first time, the board began to consider scenarios for phasing out its existing participation in other airlines as Swissair looked to withdraw from its foreign investments. In January 2001, Bruggisser was summarily dismissed. Moritz Suter, the founder of Crossair, was nominated as the new CEO of SAirLines and thus all Group airlines, including Swissair. After only 44 days in charge, Suter resigned. In March 2001, two studies by consultants were presented to

1260-678: The McDonnell-Douglas directorial board in St. Louis to convince them to further stretch the fuselage of the DC-9-51. Baltensweiler was called the "Father of the MD-80". In 1979, Swissair was the first company to order the Airbus A310 and the jumbo jet variant with a stretched upper deck, the Boeing 747-300 . Later on, the Fokker 100 short-range aircraft and the three-engined MD-11 were aircraft for which Swissair

1330-562: The Pittsburgh-based operator. In 1981, GECC's Transportation & Industrial platform began to co-invest with UK lenders on aircraft leases. Two years later, GECC completed its first non-US lease to Swissair . GECC purchased the California-based Polaris Aircraft Leasing Corporation in 1986. With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence. GECAS

1400-646: The SAirGroup were handed over to the liquidation firm of Jürg Hoss and ceased operations on 31 March 2002. Crossair was renamed Swiss International Air Lines , or Swiss for short, and took over Swissair's intercontinental routes on 1 April 2002, officially ending 71 years of Swissair service. An investigation by the Zurich branch of Ernst & Young into factors behind the grounding revealed that "...in contradiction to representations made by SAir Group, not just 14.5 million Swiss Francs, but around CHF50 million were available at

1470-488: The Swissair Group was renamed SAirGroup (although it was again renamed Swissair Group in 2001), with four subdivisions: SAirLines (to which Swissair, regional subsidiaries Crossair and Balair, and leasing subsidiary FlightLease belonged), SAirServices, SAirLogistics, and SAirRelations. Due to its so-called "Hunter Strategy" of expanding its market by acquiring smaller airlines, Swissair was suffering from over-expansion by

SECTION 20

#1732851894831

1540-477: The US Pullman railway cars . Two adjacent seats were moved towards each other and formed a lower berth. The wall panel could be folded downward, forming the upper berth in which the other person could sleep. A year later, a tourist class cabin was introduced on intra-European flights. In 1953, Swissair, with the city of Basel , founded a charter company called Balair , reusing the name of one of its predecessors,

1610-440: The air . Like other airlines based in smaller countries, Swissair was now under significant pressure. More and more national airlines have affiliated themselves with airline alliances to maintain a worldwide market presence. But to be interesting for American alliance partners, an airline must have a critical size in terms of passenger numbers. To meet that goal, in 1993, an alliance between Swissair, KLM, SAS, and Austrian Airlines

1680-472: The airspace over Germany and France was closed. Swissair was forced to suspend service to Amsterdam, Paris, and London. Two days later, the Swissair service was closed completely. Of 180 employees, 131 had to serve in the army. Despite the war, some routes were later re-introduced, such as Munich, Berlin , Rome , and Barcelona . In 1940, an invasion of Switzerland was feared, and Swissair moved their operations to

1750-526: The bank's acronym, "UBS", as the United Bandits of Switzerland . Two large bridge loans from the Swiss government were required to finance the continuation of flight operations. This notwithstanding, with the resumption of flight service, it was necessary for flight crews to carry large sums of cash to purchase fuel at foreign airports. On 1 October 2001, Project "Phoenix" was announced, under which parts of

1820-761: The banks, with some hotels expelling the crew, and having them return home at their own expense. All tickets sold were voided. 4 October 2001 saw demonstrations by former Swissair employees before the UBS presentation held in Glattbrugg, and the following day saw demonstrations in Bern 's Federal Square. At around the same time, SAirGroup's stake in Crossair was sold to the Swiss banks UBS and Credit Suisse . Furthermore, Crossair took over various assets of former Swissair, including its employees, aircraft, and most European routes. Swissair and

1890-410: The board, which showed the financial difficulties of SAirGroup. At this point, the directors resigned, with only Mario Corti , the former CFO of Nestlé , remaining. From April to August 2001, the group's Moody's credit rating was gradually downgraded from A3 to B1 (it was downgraded further to B2 on September 18th). The buying spree created a major cash flow crisis for parent company SAirGroup and

1960-598: The company also moved into the regional jet and widebody space with its first order for Boeing 777s . In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets. The acquisition of The Memphis Group in 2006 added airframe parts to GECAS'service portfolio. GECAS also owns a minority stake in Oxford Aviation Academy retained when it sold 80% (before dilution) of GECAT to Star Capital Partners in 2007. In 2010, GECAS acquired AviaSolutions, offering aviation consulting as part of

2030-765: The company from GE Capital on November 1, 2021. GECAS was the largest commercial airline leasing/financing company in the world by number of aircraft. The company offered many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchased aircraft from manufacturers such as Airbus and Boeing , and then leased them to airlines, typically for about eight years, and usually on dry lease contracts. GECAS also offered purchase leasebacks. The company had two global headquarters in Shannon, Ireland , and Norwalk, Connecticut . The company had over 575 employees and 26 offices throughout

2100-663: The company struggled with severe turbulence: a currency crisis, collective chaos, an air traffic controllers' strike, the October War and the first oil crisis were weathered without significant damage. In the same year, the regional representative of Swissair in Buenos Aires was kidnapped by the Montoneros . After 38 days in captivity, he was released after the payment of SFr12.35 million (equivalent to SFr29.69 million or US$ 32.63 million in 2021) ransom. The airline also phased out

2170-495: The company's disposal on the morning of October 2, 2001". The report further stated that "Without the administrative inadequacies connected with the release of an escrow account , an additional CHF 73 million would have been available. Thus, overall some CHF 123 million would have been available at SAirGroup, SAirLines and Swissair." Former Crossair executive André Dosé, who also served as the first CEO of successor airline Swiss International Air Lines , stated in 2004 that this meant

International Lease Finance Corporation - Misplaced Pages Continue

2240-502: The company's services. In 2015, GECAS took over the Irish-based Milestone Aviation Group to add helicopters and rotary aircraft to its leasing portfolio. In 2016, GECAS was ranked as "World's Top Lessor" by AirFinance Journal and Airline Economics magazines. In September 2018, GE hired Goldman Sachs to review GECAS' strategy as its portfolio value declined since 2012 from $ 34.1 to $ 23.6 billion, evaluating

2310-485: The desire to partner with Air France instead. During the European airline deregulation transition, Jeffrey Katz served as CEO of Swissair from 1997 to 2000, a period of increased fuel prices and industry overcapacity . In the summer of 2000, SAir's CEO Philippe Bruggisser came under public pressure as the press published the group's financial situation. Swissair and Sabena were each losing one million francs per day, and another million were lost every day at LTU and

2380-436: The end of 2018. GE also expects to continue to execute significant additional debt reduction and increase earnings to reach its Industrial leverage target of less than 2.5x net debt to EBITDA over the next few years. In November 2021, AerCap announced the completion of a merger with GECAS. Swissair Swissair ( German : Schweizerische Luftverkehr-AG ; French : S.A. Suisse pour la Navigation Aérienne )

2450-462: The end of that year, kerosene prices had doubled , and fuel costs had increased from 12% to 16% of total costs. Swissair was the first to order the Airbus A310 designed with a two-man cockpit for more traffic-tight short distances and on shorter medium distances, and accepted options for 10 more units. Another Boeing 747 was ordered. Dublin was added to the route network as a new destination, but service to Beirut had to be discontinued in mid-July due to

2520-738: The end of the winter schedule of 2001/02. On Easter Monday, 1 April 2002, the last flight of Swissair, flight SR145 from São Paulo, landed in Zürich. A 71-year-long chapter of Swiss aviation history thus came to an end. Between 1931 and 2002, Swissair transported more than 260 million passengers. The SwissairGroup (the name change from SAirGroup to SwissairGroup was announced in 2001 but never officially implemented) still existed as 'SAirGroup in Nachlassstundung' ( German : Swissair in Administration ) for several years until all assets were liquidated, including

2590-579: The expense of the core business of Swissair: commercial aviation. Due to a 12-day global flight ban for the DC-10 imposed by the US Federal Aviation Administration after the crash of American Airlines Flight 191 on 25 May 1979, a sizable portion of the long-haul fleet was on the ground. On October 7, after landing in Athens, a DC-8 overran the runway and caught fire , killing 14 passengers. By

2660-468: The federal government, cantons, municipalities, the Swiss Federal Railways, and the Swiss postal services, took over 30.6% of the shares and enabled Swissair to get a credit of 15  million Swiss Francs to purchase the airline's first two Douglas DC-6 B airliners for delivery in 1951. By that act, Swissair became Switzerland's national flag carrier . The new pressurised aircraft was to replace

2730-545: The first European airline to do so, Swissair signed in 1989 a cooperation treaty with Delta Air Lines and Singapore Airlines to create the alliance "Global Excellence". In 1990, together with SAS, Austrian Airlines and Finnair , the "European Quality Alliance" was founded. The last alliance was later renamed "The Qualiflyer Group". Because of the weak economy, the Gulf War and its aftermath, and rising operational costs, many airlines lost money in 1990 and 1991. Additionally,

2800-459: The first Swissair plane with a pressurised cabin, was used for short and medium-range flights starting in late 1948. The first Swissair DC-4 flight to New York was routed via Shannon , Ireland, and Stephenville, Newfoundland , on 2 May 1947. However, it ended in Washington, D.C. , due to fog at New York's LaGuardia Airport . The total elapsed time was 20 hours and 55 minutes. The public, including

2870-511: The first morning flights. During the morning, fuel suppliers refused to fuel the waiting aircraft. At 15:45 CEST , CEO Mario Corti announced a cessation of flight operations due to the security risks caused by the crossing of the Flight Duty Regulations. This led to the cancellation of over 230 flights, and thousands of passengers, as well as flight crews, were stranded around the world. Flight crew corporate credit cards were blocked by

International Lease Finance Corporation - Misplaced Pages Continue

2940-1068: The following GECAS offerings: Additionally, GECAS's successor "AerCap" buys, leases and finances aircraft engines from GE and CFM, as well as from manufacturers Rolls-Royce, Pratt & Whitney, IAE and Engine Alliance . GECAS provides the following for its engine pool: GECAS distributed re-certified engine and aircraft parts through its Asset Management Services group. The company maintains an inventory of parts from Airbus, Boeing, Douglas and Bombardier aircraft that have been overhauled, repaired or modified, and distributes these parts from warehouses in North America, Europe and Asia. GECAS previously operated AviaSolutions, which provided aircraft consultancy services to airports, investors and financial institutions, governments and airlines. AviaSolutions advised clients on business development, route development, infrastructure planning, airline management, regulations, and various other projects. In March 2021, General Electric and AerCap announced an agreement to merge

3010-530: The grey-blue ones of the Swiss Women's Army Corps , so Berchtold introduced ones in a modish marine blue. Swissair initiated a veritable fashion competition among European airlines. In 1952, the cabin layout on northern trans-Atlantic routes was changed to one with a first and a tourist (economy) class. The first-class cabin had comfortable chairs in which one could sleep, given the name "Slumberettes". Those sleeping chairs were soon succeeded by beds, modelled after

3080-424: The grounding was not necessary and that Swissair could have likely continued flying until the financing for a successor airline would have been finalized, a view he reiterated in a 2021 interview. In his 2004 statement, Dose voiced the view that Corti and then-CFO Jacqualyn Fouse had lost oversight of Swissair's finances, accounting for this mismatch in perception of available funds. Mario Corti vehemently rejected

3150-430: The group sought a payment delay. The Swiss federal authorities were willing to pay back half of the loan, so they secured the continuation of service. 2 October 2001 saw an increased necessity for strong liquidity, as all suppliers insisted on cash payments of outstanding invoices following a request for payment delay announced the day before. The company's cash reserves filed on that day were barely sufficient to carry out

3220-674: The large hidden assets and the huge liquidity Swissair had. Second, "flying bank" was the designation for a corporate group that cared more about financial management than about flying aeroplanes. With the beginning of deregulation and liberalisation in the late 1970s, airlines felt growing financial pressure. In 1978, Moritz Suter founded a regional airline named Crossair , which put Swissair under additional stress. To counter these changes, Swissair invested their large financial reserves into takeovers and into flight-related trades like baggage handling, catering, aircraft maintenance, and duty-free stores. This strategy diversified economic risks at

3290-690: The late 1990s. The crash of Swissair Flight 111 in 1998, which killed all 229 people on board, generated a costly lawsuit and negative publicity for the airline. After the economic downturn following the September 11 attacks , Swissair's assets dramatically lost value, grounding the already-troubled airline in October 2001. The airline was later revived and kept alive until 31 March 2002 by the Swiss Federal Government. The final Swissair flight landed in Zürich from São Paulo on 1 April 2002. On 1 April 2002,

3360-530: The new Greek airline, Olympic Airways . While competitors first looked at turboprop aeroplanes to replace their piston-engined craft, Swissair introduced jet aeroplanes. Together with SAS, Swissair bought Douglas DC-8s , which were delivered beginning in 1960. For medium and short-range routes, the Sud Aviation Caravelle was purchased. The aircraft were maintained in concert with SAS, and manuals for operation and maintenance were co-written. Swissair

3430-466: The notion that Swissair and SAirGroup bank accounts together held more than 14 million Swiss francs in a public statement after the Ernst & Young report came out. On 5 October, commercial flights on most routes were gradually resumed thanks to a federal emergency loan of over CHF 450 million. This occurred, in part, to ensure Switzerland's continued accessibility as a business location and to establish

3500-495: The older and smaller DC-9. In addition, modern, fuel-saving aircraft, such as five new Boeing 747s with extended upper decks and two DC-10-30s with a longer range, were ordered. With the connection of Zurich Airport to the national railway network, bus delivery services from Zürich were discontinued. Air passengers were already able to check their luggage at the rail station. The route network was expanded with service to Jakarta, but flights to Tehran and Baghdad had to be suspended after

3570-477: The ongoing liberalisation of the industry strengthened competition. Consequently, Swissair lost 99 million Swiss Francs in the first half-year and could not pay dividends to its shareholders. In 1991 and 1992, Swissair had to utilise financial reserves to cushion significant losses from the commercial aviation sector. On 1 January 1991, commercial aviation in Europe was completely liberalised, and existing capacities led to aggressive competition among airlines. In

SECTION 50

#1732851894831

3640-808: The outbreak of the Iran-Iraq war. By the end of 1980, Swissair was represented in 196 cities. New representations or points of sale were opened in Luxembourg, Ulm, Ottawa, Raleigh, Westchester, Valparaíso, Jubil, Sanaa, and Salisbury/Harare. Under the name Swissôtel , the hotels Président in Geneva, International in Zürich, Drake in New York, and Bellevue Palace in Bern were administratively combined. Regarding further liberalisation of Europe's airline market, Swissair focused more on commercial aviation and extended its partnerships. As

3710-533: The political turmoil in Lebanon. Swissair was able to outperform the competition in a year that experts deemed to be the worst in the history of civil aviation. In contrast to other airlines, which began to offer a second-tier executive class , the proven cabin division into first and economy classes was maintained. The short-haul fleet was renewed with the MD-81 (DC-9-81) introduction. This type of aircraft partially replaced

3780-407: The same year, the first Boeing 747-200 jumbo jet was acquired, and in the next year, the first McDonnell Douglas DC-10-30 followed. Both types shaped the long-haul fleet until the 1990s. Again, the specifications of both aircraft were developed in collaboration with SAS. Also in 1972, Switzerland introduced a prohibition of night flights, which led to the cessation of cheaper night fares. In 1973,

3850-468: The short and medium-range routes, and, after convincing Douglas , which soon merged with McDonnell Aircraft to create McDonnell Douglas , ultimately merged with Boeing , offered a stretched variant: the DC-9-32. For the first time, Swissair was the launch customer of an aircraft type. In 1971, Armin Baltensweiler took over as president of the directorial board and ran the enterprise for over two decades. In

3920-411: The two lessors. The transaction simplifies GE and focuses it on its industrial core— Power , Renewable Energy , Aviation , and Healthcare —while significantly reducing GE Capital assets and generating proceeds to further de-risk and de-lever. For the first quarter of 2021, in connection with signing the transaction agreement, GE will record an approximate $ 3 billion non-cash charge and report GECAS as

3990-651: The unit was still run by Udvar-Hazy until he retired in February 2010, when he was succeeded by vice-chairman Alan Lund. Henri Courpron, a former Airbus executive, was appointed president and CEO of ILFC in May 2010. On September 2, 2011, AIG filed with the SEC to spin off ILFC in an initial public offering. In December 2012, AIG announced that it was selling a 90% stake in the company to a consortium of Chinese companies consisting of New China Trust, New China Life Insurance , P3 Investments and

4060-459: The very successful Italian charter airline Air Europe, the unprofitable Belgian flag carrier Sabena , and significant stakes in the carriers Air Liberté , AOM , Air Littoral , Volare , LOT , Turkish Airlines , South African Airways , Portugália and LTU , and planned to acquire stakes in Aer Lingus , Finnair , Malév , as well as Brazilian carriers TAM and Transbrasil . By mid-2000, it

4130-604: The world. GECAS had a fleet of over 1,970 aircraft, operated by 270 clients in over 75 countries. GECAS' primary competitor was AerCap, with other competitors including Air Lease Corporation , Aviation Capital Group, BBAM and SMBC Aviation Capital . GE Aviation, another GE subsidiary, was part of the CFM International joint venture with Safran . Previously, GECAS had a policy of exclusively selecting GE engines for 99% of its airliners, and had only eight Boeing 757s with Pratt & Whitney or Rolls-Royce turbofans. As

4200-416: Was elected to the directorial board of Swissair and served as the director. In 1971, he created the corporate culture of Swissair. He grasped the importance of corporate image and corporate identity and after the example of BOAC 's " Speedbird ", he introduced the arrow-shaped Swissair logo. Giving flight personnel a distinct uniform was also an important move. At the time, flight attendants' uniforms resembled

4270-560: Was exacerbated by the environment caused by the September 11 attacks . Unable to make payments to creditors on its large debt, and with the refusal of UBS to extend its line of credit, on 2 October 2001 the entire Swissair fleet was abruptly grounded. Many blamed UBS for the fiasco, causing demonstrators to take to the streets with signs referring to UBS chairman Marcel Ospel as " Bin Ospel ", quoting al-Qaeda leader Osama bin Laden , and redefining

SECTION 60

#1732851894831

4340-434: Was first deemed "un-Swiss". In the first operational year, 64 people were employed, including ten pilots, seven radio operators, and eight mechanics. Their planes offered 85 seats, and operation was maintained only from March to October. The route network had a length of 4,203 kilometres (2,612 mi). On 17 April 1932, Swissair bought two Lockheed Orions , making them the second European airline to use American planes after

4410-403: Was founded through the fusion of the airlines Ad Astra Aero (founded in 1919) and Balair (1925). Balz Zimmermann and the Swiss aviation pioneer Walter Mittelholzer were the founding fathers. In contrast to other airlines, it did not receive support from the government. The name "Swissair" was the proposal of Dr Alphonse Ehinger, president of the directorial board of Balair, although "Swissair"

4480-596: Was headquartered in Suite 3400 of the Constellation Place (formerly MGM Tower) in Century City, Los Angeles , California . ILFC has its headquarters on the top six floors of the building, with 290 employees as of March 2013. The CEO's penthouse office had a working fireplace. GECAS GECAS ( GE Capital Aviation Services ) was an Irish–American commercial aviation financing and leasing company. AerCap acquired

4550-514: Was officially formed in 1993 to manage the assets bought from the Irish-based Guinness Peat Aviation , GECC Transportation & Industrial's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company owned the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings. In 2000, GECAS acquired PK AirFinance to offer aircraft lending. The same year,

4620-559: Was one of the few companies to order the Convair 990 Coronado for its medium and long-range routes. Although the aircraft did not initially fulfil contractual specifications, they were liked by employees and customers. They operated on the airline's routes to South America, West Africa, and the Middle and Far East. 1966 saw the introduction of the Douglas DC-9 . That aircraft became the backbone of

4690-642: Was predicted that Swissair would lose between SFr3.25 billion (equivalent to SFr3.51 billion or US$ 3.86 billion in 2021) and SFr4.45 billion (equivalent to SFr4.81 billion or US$ 5.29 billion in 2021) over the next three fiscal years. The management, however, maintained classical restructuring, and the Board approved the reorganisation of LTU for approximately SFr500 million (equivalent to SFr540.41 million or US$ 593.86 million in 2021) . Also, there were plans to take over Alitalia . In October 1999, Delta Air Lines cancelled its transatlantic Atlantic Excellence alliance with Swissair and Sabena , citing

4760-434: Was proposed. This project bore the name " Alcazar " to create a single Central European airline. However, in various countries, this project was criticised. In Switzerland itself, it was thought that the huge financial assets were too precious to sacrifice to merge Swissair with the other airlines. In the late 1980s and early 1990s, Swissair tried to merge with Air France , Lufthansa , and British Airways to get access to

4830-434: Was the national airline of Switzerland between its founding in 1931 and bankruptcy in 2002. Swissair was formed from a merger between Balair and Ad Astra Aero . For most of its 71 years, it was one of the major international airlines and known as the "Flying Bank" due to its financial stability, causing it to be regarded as a Swiss national symbol and icon. It was headquartered at Zurich Airport , Kloten . In 1997,

4900-505: Was the launch customer. 1983 saw the replacement of the older DC-9s with MD-83s. Since the 1960s, Swissair has been a world leader in the development of cargo reservation systems (CRS). PARS and CARIDO were examples of systems enabling the booking of passenger seats and freight space. After the 1960s, air traffic increased quickly and allowed many airlines—many of which were quasi-monopolists on their routes—to yield high revenues. Swissair profited from its well-established reputation as

#830169