newstodate.aero
Nov 08, 2012 (newstodate): Not exactly a proof of good health, SAS has today announced that the release of its Q3 results has been postponed again till November 12, 2012, "at the latest".
According to the original plan, the release would have taken place today.
According to the release from SAS, the finalization of SAS' comprehensive plan to address the company's cost structure and complete asset disposals is an essential part of the negotiations regarding the extension and amount of its revolving credit facility and backstop bilateral facilities.
-Therefore, the company has decided to delay the release of its Q3 results to no later than on 12 November 2012 at 08.00 CET, when it will announce the outcome of these negotiations and the plan along with its final Q3 results, the press release reads.
Obviously, SAS needs to finalize sales negotiations with buyers of its non-core assets, including SGH, Wideroe and others in order to land agreements with banks and investors securing the continued financing of the company's operations.
On October 30, 2012, the Swedish Stock Exchange suspended trade in SAS shares as vehement rumors were circulating in the market about the carrier's dire financial situation, rendering sound trade impossible.
The suspension forced SAS to release a statement saying that the company would report on November 8, 2012, a positive result for Q3 - with an EBT of 568 MSEK, a growth in passenger revenue by nine percent and unit cost reduced by six percent.
This deadline has thus now been postponed pending a solution regarding the extension and amount of its revolving credit facility and backstop bilateral facilities, which presupposes a solution concerning the sale of non-core assets that is still not reached.
According to the original plan, the release would have taken place today.
According to the release from SAS, the finalization of SAS' comprehensive plan to address the company's cost structure and complete asset disposals is an essential part of the negotiations regarding the extension and amount of its revolving credit facility and backstop bilateral facilities.
-Therefore, the company has decided to delay the release of its Q3 results to no later than on 12 November 2012 at 08.00 CET, when it will announce the outcome of these negotiations and the plan along with its final Q3 results, the press release reads.
Obviously, SAS needs to finalize sales negotiations with buyers of its non-core assets, including SGH, Wideroe and others in order to land agreements with banks and investors securing the continued financing of the company's operations.
On October 30, 2012, the Swedish Stock Exchange suspended trade in SAS shares as vehement rumors were circulating in the market about the carrier's dire financial situation, rendering sound trade impossible.
The suspension forced SAS to release a statement saying that the company would report on November 8, 2012, a positive result for Q3 - with an EBT of 568 MSEK, a growth in passenger revenue by nine percent and unit cost reduced by six percent.
This deadline has thus now been postponed pending a solution regarding the extension and amount of its revolving credit facility and backstop bilateral facilities, which presupposes a solution concerning the sale of non-core assets that is still not reached.