Swissair entered bankruptcy in October 2001 after the collapse of its parent group, SAirGroup.
Swissair had long been regarded as a prestigious national airline of Switzerland. During the 1990s, its parent company pursued an ambitious expansion strategy by acquiring stakes in foreign airlines. The strategy created financial pressure, especially after the aviation downturn that followed the September 11 attacks.
On October 2, 2001, Swissair’s aircraft were grounded after the airline could no longer pay immediate operating bills. The grounding became known in Switzerland as the “grounding” of the national airline. Swissair later entered liquidation, while a successor airline, Swiss International Air Lines, was created from parts of Swissair and Crossair.
Swissair is often confused with Sabena, the Belgian airline that also failed during the same period. Sabena’s bankruptcy followed the financial collapse of its Swissair-linked parent and occurred in November 2001.