SWISSAIR has engaged in a vast restructuring plan and announced that it was to continue to sell assets so as to lighten its debt (CHF 7.8 bn end-June). It wants to focus its activities on two pillars, which are air transport through SWISSAIR and CROSSAIR and profitable related activities like GATE GOURMET (on-board catering) and NUANCE (duty-free shops in airports). Regarding the catering sector, SWISSAIR has put its intentions into practice with the signing of an agreement for an exchange of assets with COMPASS GROUP. The transaction will enable the Swiss group to acquire EUREST IN-FLIGHT, catering activity of COMPASS, by handing over its RESTORAMA, RAIL GOURMET and GOURMET NOVA businesses. SWISSIAR's president, Mario Coti has, moreover, announced that he wanted to settle the problem of minority shares abroad which led to the group's making a consolidated loss of CHF 2.9 bn in 2000 (AIR LITTORAL has been sold and AOM-AIR LIBERTE is in receivership). Regarding its Belgian subsidiary SABENA, negotiations between SWISSAIR and the Belgian state remain deadlocked. SWISSAIR, which currently holds a 49.5% stake is in fact trying to negotiate its withdrawal from the company in which it had undertaken to take a 85% stake. As for LTU, the German travel agency which it controls to the tune of 49.5%, SWISSIAR has announced cost-reductions to bring it back to a profit in 2003. The group also intends selling its shares in the GALILEO and EQUANT booking systems. Finally, SWISSAIR is negotiating the merger of its subsidiary ATRAXIS GROUP with LUFTHANSA SYSTEMS GROUP. These two firms are leaders in the international sector for complete computer solutions intended for airline companies.