In March 2001, two studies by consultants were presented to the Board, which showed the financial difficulties of SAirGroup. At this point, the Directors resigned, with only Mario Corti, former CFO of Nestlé, staying behind. The buying spree created a major cash flow crisis for parent company SAirGroup, and was exacerbated by the environment caused by the September 11 attacks. Unable to make payments to creditors on its large debt, and with the refusal of UBS AG to extend its line of credit, on 2 October 2001 the entire Swissair fleet was abruptly grounded. Many blamed UBS for the fiasco, causing demonstrators to take to the streets with signs referring to UBS chairman, Marcel Ospel as ""Bin Ospel"", in reference to al-Qaeda leader Osama bin Laden, and redefining the bank's acronym, "UBS" as the "United Bandits of Switzerland".