Tens of thousands of customers at risk of being stranded
Tens of thousands of customers are at risk of being stranded, if SAS fails to get a grip on its finances on Monday. The airline is close to bankruptcy, the Swedish newspaper Expressen says, as management struggle through the weekend to find a way out. SAS management will present on Monday morning a savings plan in connection with the company’s deferred third-quarter financial statement, but it is still uncertain whether the airline can survive. According to Expressen, SAS now has only a few hours to sort out a future plan.
Loss-making SAS has long struggled with difficult finances. The airline is now trying to extend a €550 million loan with six Danish, Swedish and Norwegian banks, which require government guarantees of repayment if SAS fails. Intense discussions are continuing in the Swedish government, with the economy and foreign ministers involved on whether and how to deal with a SAS bankruptcy.
[Photo: Swedavia/Tommy Säfström]