Investment helps Swiss start up

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28 October 2011

Swiss regional airline, SkyWork, has tapped local banks for sale/lease back financing and secured $21 million from a private investor.

Swiss start-up, SkyWork Airlines, has sourced aircraft financing locally since starting scheduled services last year. SkyWork was a family-run private charter airline for more than 10 years, before being taken over by a Swiss private investor in 2010.Last year one of the charter carrier's own customers, Daniel Borer, acquired the company.With SkyWork's management approval Borer changed the charter airline into a scheduled service carrier operating from Bern airport. At the same time he injected $21 million to fund the development of scheduled flights. Nicholas Gribi, SkyWork's previous CEO, became head of the airline's holding company, SkyWork Holding. Chief operating officer, Tomislav Lang, was promoted to CEO of the airline. Gribi and...

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