Before the US catastrophe, the group had announced poor results, a move up-market like British Airways, and a programme of disposals. Before any of this could happen came the US catastrophe and the world changed for Swissair. Now its only chance was to plunge downmarket, which it attempted last week by announcing a merger with its low-cost carrier subsidiary CrossAir.

But galloping consumption of the bank account is forcing the group into the arms of its shareholders and creditors. Swissair Group’s spokesman, Rainer Meier, told the Swiss news agency SDA on Sunday his company was searching for funding to cover short-term obligations and was also examining a longer-term refinancing. “We’re working on a solution but we don’t have any details yet,” Meier said. “Liquidity is tight.” He added that the company “can’t get through without government help.”

Chief executive Mario Corti admitted last week to debts of between SFr16-17 billion ($10.0-10.7 billion). In parallel, Swissair Group is negotiating with its three main creditors - Credit Suisse First Boston, Deutsche Bank and Citibank. A parliamentary debate on Swissair's future is scheduled for Thursday.

On Friday, Mr Corti warned that employees might not receive their October salaries, telling Swiss German television: “Our liquid assets are being managed from day to day,” saying that this was partly due to the fact that a SFr1 billion ($620 million) credit granted by Swissair Group’s main banks remained inaccessible because the company was no longer able to fulfil the required conditions.

Swissair has been struggling because of old debts accumulated by former management, during its disastrous expansion policy, when it bought stakes in financially weak foreign airlines in an attempt to build its own international alliance. Chief among these is Swissair's 49.5% stake in struggling Sabena, victim last week of lightning strikes by pilots, having told dissident staff that it would go bankrupt if they didn't accept a cost-cutting package.

Today, Swissair is due to pay Sabena SFr200 million ($124 million). The payment was agreed between Swissair and the Belgian government in July when the two shareholders decided on a final SFr635million ($393 million) capital injection to keep the troubled airline in business.

By this morning, no clear rescue package had emerged, although UBS and Credit Suisse are offering SFr1bn under a plan which would see Swissair in bankruptcy, with its 70% subsidiary Crossair taking over its services. The government might support such a scheme as a way of maintaining Zurich as a European hub, seen as important to the long-term health of the Swiss economy. The Government is due to make a statement on the crisis later today.