A Repeat of swissair-Trading Halted

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Mon June 23 2003, 10:59 AM
A Repeat of swissair-Trading Halted
Trading Halted on Swiss Airline Shares

BASEL, Switzerland - Trading in shares of national carrier Swiss International Air Lines was suspended for two days starting Monday because of possible decisions by the board of directors, the airline said.

Swiss news media have reported that Switzerland's flag carrier may cut as many as 3,000 jobs and reduce its long-haul fleet to 18 planes from 26.

The airline, known as Swiss, has embarked on cost-cutting this year and said in May that more drastic measures were needed because of economic problems plaguing the airline industry.

Swiss, the successor to the now-defunct Swissair, already had said it plans to cut costs by 600 million Swiss francs ($452 million) this year.

"At Swiss' request, the Swiss stock exchange is to withdraw shares in Swiss International Air Lines from trading," said a company announcement. "This measure is related to the board of directors' meeting ... and to the possible announcement of any decisions."

Swiss Transport Minister Moritz Leuenberger was quoted in Swiss newspapers over the weekend as saying restructuring would improve the company's chances on the capital market.