The management of Swiss regional airline Swisswings (formerly Air Engiadina) has announced the successful completion of a refinancing program that provided SFr8 million ($5 million) in fresh capital before the subscription deadline of Aug. 30, 2001. The company previously reduced share capital by 60 percent to liquidate accumulated debt. The new capital comes mostly from investors and companies within the region of Bern, where the airline maintains its headquarters.
Swisswings carried 75,000 passengers (up 2 percent) and achieved sales of more than $12 million (up 7 percent) in the first half of 2000, both above expectations. Revenue per passenger increased by 1.8 percent and the company’s extensive charter flight program established this summer proved a financial success. Swisswings operates regular flights, seasonal liaisons during holidays and charter flights on behalf of different tour operators. The company owns a fleet of five Fairchild Dornier 328 turboprops, one of which it wet leases to a third party.
