Creditors of Switzerland’s SkyWork sustain losses

Creditors of bankrupt Swiss regional airline SkyWork Airlines (SX, Berne) will sustain losses as around half of more than 1,000 claims worth CHF26.4 million Swiss francs (USD29.3 million) submitted have been rejected, reports the Swiss national news agency DSA. The Bern-Mittelland bankruptcy office announced it had rejected claims worth CHF17.5 million (USD19.4 million), while CHF18.9 million (USD21 million) in claims were accepted. According to a published schedule of claims, a total of CHF1.8 million (USD2 million) first and second class claims were accepted, as well as CHF7.1 million (USD7.8 million) third-class claims. The bankruptcy office rejected a third-class claim of CHF10 million (USD 11.1 million) but recognised it as a so-called subordinate claim, which means it would be settled once higher ranked creditors were paid out. According to the bankruptcy office, the realisation of the Skywork estate resulted in assets of around CHF2.3 million(USD2.5 million). First and second class creditors could expect to fully cover their claims. However, third class creditors should expect a dividend of around 7%, meaning this group of creditors would have to cut a large part of their claims. Skywork filed for bankruptcy in late summer 2018, resulting in Berne losing its main airline customer. It employed more than 100 people and owned three Do328-100s, which it operated on routes to 22 destinations in Europe.