Press reports say the airline is facing insolvency
SAS has rejected rumours being spread in the media that it is facing bankruptcy as “frustrating”. Press reports say that the airline is facing insolvency and is ready to be sold and that its banks are losing patience. A recent report in the Swedish business daily Dagens Industri said that the airline and its three major shareholders – the Swedish, Danish and Norwegian states – have met creditors to discuss the airline’s future. The company’s loan facilities are due to expire in March 2013.
“There has been speculation all autumn, there are new things almost everyday, but nothing is decided,” Knut Morten Johansen, SAS’s head of communications, told the Norwegian website E24.no.
Sweden has invested around €280 million in the loss-making airline over three years and has little desire to give more. Meanwhile, the airline is promising to accelerate its tough cost-cutting program.
[pictured: Airbus A340; courtesy SAS]