The Obituary
Swissair was Switzerland’s national airline, so financially solid it was nicknamed the Flying Bank. In the 1990s it pursued the Hunter Strategy, buying minority stakes in weak European carriers to build an alliance outside the major groupings. The debt from these acquisitions, combined with the aviation downturn after the September 2001 attacks, drained its cash. On 2 October 2001 it grounded its entire fleet when it could no longer pay for fuel, stranding passengers worldwide. The airline was liquidated, and its profitable routes were folded into the newly created Swiss International Air Lines.
Worth remembering
- Its reputation for reliability earned it the nickname 'the Flying Bank.'
- Its 'Hunter Strategy' of buying stakes in struggling European carriers loaded it with debt that ultimately sank it.
Sources
- Swissair was grounded in October 2001 and liquidated after its Hunter Strategy expansion left it insolvent Wikipedia
- Swissair was Switzerland's national airline, nicknamed the Flying Bank for its financial stability Encyclopaedia Britannica
A graveyard tradition: leave a stone to show you came, and remembered.