Nuance secure as new-look Swissair Group streamlines

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SAirGroup, the holding company of Swissair and The Nuance Group, has been renamed the Swissair Group, following yesterday's pivotal shareholders' meeting about the direction of the troubled group.

Chairman and ceo Mario Corti said liquidity had been assured through a SFr1bn ($588m) guarantee from Citibank, Credit Suisse First Boston and Deutsche Bank. Corti emphasised the importance of the Swissair brand to the group, hence the return to the Swissair Group name. He said the airline business would remain a key strategic pillar for the group, as would the company's "promising" airline-related business, including The Nuance Group.

The group's structure will be simplified, with the eight corporate divisions, of which Nuance is one, reporting directly to Corti. This week the company sold its SwissUtel subsidiary. Corti said efforts were underway to sell off other "non-operationally sensitive, real estate holdings".