Swissair

Swissair's 2001 bankruptcy shocked the world - Switzerland's flag carrier, once called the 'Flying Bank' for its financial solidity, ran out of cash in days. The airline had pursued a disastrous 'Hunter Strategy' acquiring stakes in troubled carriers like Sabena and LOT, trying to build a global network. When September 11 hit, Swissair had $7 billion in debt and minority stakes in airlines that couldn't help. On October 2, 2001, Swissair grounded its entire fleet mid-day - passengers literally stranded on tarmacs. The collapse spawned Swiss International Air Lines from the wreckage.