To avert a damaging rift in its leadership, Crossair's board resigned en masse today, making way for a new supervisory board to oversee the restructuring of the airline into a successor to Swissair as Switzerland's national airline.
China is in the midst of a restructuring of its airline market.
The 6,000 job losses announced in Kuala Lumpur on Friday are part of a major restructuring of the airline, including the appointment of a new chief executive by next year.
But one hopes that the regulators will look very hard at this deal, and try to move the ongoing restructuring of the airline industry in a direction that preserves at least some effective competition.
[World Business, Section W.] Entire Crossair Board Steps Down Crossair's board resigned en masse, making way for a new supervisory board to oversee the restructuring of the airline into a successor to Swissair.
Mr. Milton said that the restructuring of the airline would include splitting it up into a number of separate businesses, and that it would reshape its fleet to use more commuter jets of 50 to 90 seats and fewer large aircraft.
Rising fuel costs have forced a painful restructuring for airlines in recent years, helping to push many of them into bankruptcy and spurring consolidations across the sector.
EVEN without crashes, the restructuring of China's airlines was going to be hard.
"At the same time, the restructuring of large network airlines in bankruptcy over the past decade has forced them to focus much more on reducing costs wherever possible, which included squeezing the margins paid to their regional airline affiliates," he added.
One alternative reportedly being considered by the Port Authority is a restructuring of fees paid by airlines to reflect the higher value placed on rush-hour flights.
