The Swedish state will not give more money to the crisis-stricken airline SAS, Sweden’s Minister of Trade and Industry Karl-Petter Thorwaldsson said on Tuesday.
The Swedish state will reduce its stake in SAS, according to Thorwaldsson. The Swedish and Danish states are the main owners of SAS.
In the second quarter, SAS had a loss before tax of more than SEK 1.5 billion.
Sweden currently owns 21.8% of SAS AB and has in recent years provided billions in support to the company.
In an attempt to save the airline, SAS has developed a crisis plan, in which around SEK 20 billion in various types of loans and leasing agreements would be converted into share capital.
In addition, austerity measures are planned, including renegotiated collective agreements, which will reduce annual costs by SEK 7.5 billion by 2026. Once this is in place, at least SEK 9.5 billion in capital contributions will be needed to invest in the future, according to the company.
Last week, the newspaper Dagens Industri wrote that a private consortium is interested in taking over SAS.
Source : © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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