SWISS restructuring on the right track

11 August 2003

At its meeting in Basle today, the SWISS Administrative Board was briefed by the Management of the gratifying progress being made in the „Foundation for Winning“ restructuring programme and on the detailed Business Plan which has been drawn up. The Board discussed this Business Plan at length and also examined various scenarios with a view to future strategic decisions.

The implementation of the measures which SWISS announced on June 24, 2003 are proceeding more efficiently and faster than planned. The Board noted with satisfaction what has been achieved so far. This includes agreements with the various unions on the down-sizing of the workforce. Discussions with partners and suppliers on considerably more advantageous terms for SWISS are proceeding constructively and should be finalised shortly.

In the opinion of the Board, this progress will create new trust in the employees and, above all, in the SWISS clients. The Management was instructed to further increase the tempo of the „Foundation for Winning“ restructuring measures

The Business Plan has now been worked out and discussed in its definitive form. It forms an important basis for future strategic decisions. On the strength of this plan, the Board has introduced promising scenarios for the future. No decisions were taken, however, and the evaluation will be continued in the weeks to come

The rumors spread by some media on the possible bankruptcy did not form a part of the scenarios examined.
We draw the attention of editorial staff that this press release will not be the subject of further commentary or orally dealt with by the SWISS media department.