Swiss International to Cut 3,000 Jobs
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Swiss International Air Lines Ltd. plans to cut 3,000 jobs as the national carrier that emerged from the remains of insolvent Swissair Group struggles to survive.
The airline will eliminate a third of its workforce and ground 34 out of 109 aircraft, Chief Executive Andre Dose said at a briefing in Basel, Switzerland. Swiss International may sell shares and bonds to raise $376 million, more than its market value of $329.2 million.
Swiss International may need to find a partner to stay in business after losses of at least $887.2 million since the start of last year, analysts said.
Swiss International expects that the job and plane cuts will reduce costs by $1.2 billion. Its personnel expenses were equivalent to 26% of sales in the first three months of the year.
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