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SAS rescued at the last moment as rescue package presented - Danish media

Sunday, 11 November 2012
Scandinavian airliner, SAS is reported to have been saved from bankruptcy with a tough new savings plan, according to Danish media reports on Sunday. Among other things, 1,000 people will be made redundant.

The saving package said to be presented on Monday morning, along with a future plan that could give some stability to the for the troubled Scandinavian airline.
According to Danish TV2 and the Berlingske Business newspaper, - that two have taken a look of the plans, the package include over 1,000 people will go and that wages will be reduced by 15 percent. The SAS Group has 15,000 employees.

Berlingskes sources say that a large part of the unions have already said yes.
Banks are reported to have accepted the rescue plan, which means that SAS is cutting its costs by Skr3 billion. It should mean that SAS gets the green light to extend the loan from SEB, Nordea and other major banks at the tone of Skr4.7 billion. The loan matures somewhere in June 2013.

But banks also want government guarantees. The governments of Sweden, Denmark and Norway have turned to the European Commission for clearance for such guarantees.

The Airline's press officer in Sweden, Malin Selander would neither confirm nor deny the reports of layoffs and pay cuts, not before 08.00 on Monday, when the plan will be presented.

One thing she could say, however, already on Sunday, was that the plan does not affect SAS traffic program. At least not for the time being. A savings program in an airline would of course also be able to bring about reductions in routes.
by Scancomark.com Team


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