Denmark ready to forgive debt and increase its ownership stake in SAS

SASPhoto: Fredrik Hagen / NTB
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The Danish government wants to help SAS survive and wants to increase its stake. But it also demands contributions from other parties.

“We agree that we on the Danish side are ready to forgive the debt and ensure that we still have a significant Danish stake in SAS, to help SAS carry out the plan that will get them back on track,” Minister of Finance Nicolai Wammen stated.

The airline has a debt to the Danish state of 3.5 billion Danish kroner.

The government has agreed with several parties in the Folketing to increase the Danish state’s stake in SAS to between 22 and 30%. Today, Denmark and Sweden each own 21.8% of the company, while the Norwegian state has sold its share. 

Norway’s position

However, Norway has opened up to convert the corona crisis loan SAS received in December 2020 into state-owned shares.

“It is also important to say that this is not a contribution that comes without conditions,” Wammen added.

Earlier this week, it became known that the Swedish state would not provide more money to the crisis-stricken company.

SAS is in the process of a comprehensive restructuring plan with major cost cuts and has had to cancel 4,000 flights this summer. In addition, the pilots have announced a major strike from June 29, which could affect up to 250 departures daily.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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