Swissair shares plunge 97% in Zurich

Swissair shares plummeted 97 per cent this morning following a two-day suspension when banks launched a partial rescue-package…

Swissair shares plummeted 97 per cent this morning following a two-day suspension when banks launched a partial rescue-package for the airline which transfers some assets to airline Crossair, leaving Swissair as a debt-laden shell.

By 8.22 a.m. Swissair shares were down 96.22 per cent at 1.55 Swiss francs, an all-time low, while Crossair shares were up 30.4 per cent at 365 francs.

Under the terms of the deal, banks UBS and Credit Suisse bought Swissair Group's 70 per cent stake in Crossair, which will become the new national flag carrier.