newstodate.aero
Nov 12, 2012 (newstodate): In a last-ditch effort to avoid bankruptcy, the Scandinavian carrier has now received the green light from EU to receive state guarantees for loans to secure a restructuring process aiming at bringing the troubled carrier back on its feet again.
SAS is now to take decisive action to address its cost structure, improve its capital structure on a long-term basis, and take steps to reduce the negative impact on equity in 2013 due to changed pension accounting regulations that would otherwise see its entire capital basis eroding.
Jobs will go, non-core companies will be sold, salaries will be cut, and out-sourcing will be widely implemented wherever feasible.
Among the assets to be sold are, as earlier vented, the Norwegian carrier Wideroe, SAS Ground Handling and the aircraft engines.
Unions will now be requested to sign new collective agreements, and the board will meet on November 18, 2013, to ascertain the conditions for realizing the new business plan, called "4Excellence Next Generation" as a smart, but only thinly veiled effort to convince the market of its ingenuity.
SAS is now to take decisive action to address its cost structure, improve its capital structure on a long-term basis, and take steps to reduce the negative impact on equity in 2013 due to changed pension accounting regulations that would otherwise see its entire capital basis eroding.
Jobs will go, non-core companies will be sold, salaries will be cut, and out-sourcing will be widely implemented wherever feasible.
Among the assets to be sold are, as earlier vented, the Norwegian carrier Wideroe, SAS Ground Handling and the aircraft engines.
Unions will now be requested to sign new collective agreements, and the board will meet on November 18, 2013, to ascertain the conditions for realizing the new business plan, called "4Excellence Next Generation" as a smart, but only thinly veiled effort to convince the market of its ingenuity.