Swiss glass fibre manufacturer Swisscab was expected to file for bankruptcy on 30 July 2002 if it did not find a buyer by then, the company said on 27 July 2002.
The bankruptcy will lead to the redun…
Swiss glass fibre manufacturer Swisscab was expected to file for bankruptcy on 30 July 2002 if it did not find a buyer by then, the company said on 27 July 2002. The bankruptcy will lead to the redundancy of the company“s staff of 115. Swisscab has been operating in financial difficulties since the summer of 2001, which has resulted from decreased interest and investments in the telecommunications sector. Swisscab clients cancelled orders worth 25% of company“s annual turnover after the terrorist attacks in the U.S.A. on September 11, 2001. The company will not offer a social plan to the employees. Swisscab was established in 1981 and was taken over by Swiss entrepreneur Jurg Opprecht in 1999. The company made 40 employees redundant in June 2002 as a result of sales decrease.