SAS: progress in recapitalisation plan
(CercleFinance.com) - On Monday the Scandinavian airline SAS announced progress in its recapitalisation plan through public funds, thanks to support from the Swedish and Danish governments, its two main shareholders.
The carrier says that the Swedish government today submitted a proposal to parliament to bail out the airline to the tune of five billion Swedish kronor (around 475 million euros).
Meanwhile, the Danish government has reaffirmed its intention to oversee the company's recapitalisation project, SAS adds without providing further details.
The group - which recently announced some 5,000 redundancies - estimates that it needs about 12.5 billion Swedish kronor (about 1.2 billion euros) to cope with the slump in air traffic, which it does not see returning to pre-crisis levels by 2022.
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