Sas in bad weather yet 1.5 billion new kroner lost before tax in the second quarter.
The company once again has a financial knife in the throat. It’s a very real question how long he can stay on the wings.
In the quarterly report, SAS wrote that the goal now is to convert 20 billion in debt into equity. In addition, NOK 9.5 billion in new equity is required.
The Norwegian state contributed 1.5 billion Swedish kronor through the pandemic, by providing them The so-called hybrid loan.
Four years ago Norway share sold by 10 per cent. If the existing hybrid loan is converted into shares, the Norwegian state will once again become the owner of the SAS.
– The first thing that has to happen, if the state is to contribute, is that the SAS must clean up and restore the employees they laid off. LO Leader Peggy Følsvik says it’s a prerequisite for the country to contribute here at all.
The airline SAS is going through a financial crisis again, and it is badly affected by the explosive growth in jet fuel prices.
Photo: Javad Parsa/NT
– No matter what kind of help it is about?
Yes, fired pilots and cabin crew who are entitled to reinstate their jobs and who have been replaced must now return to work first. The SAS must be cleaned before the authorities contribute.
– But then the SAS management says that they have a savings program that is needed to save the company, and this is the program that you are against now?
– In other words, we cannot have companies in the Nordic region that are not connected to the Norse and Norse working life model, and they cannot at least expect to receive support from the authorities. If you want to run a business in the Nordic region, you have to operate according to our work life model, otherwise you have nothing to do here, she says.
CEO Anko was where Werf at SAS aimed to raise SEK 9.5 billion in new shares. At the same time, the company will reduce costs by 7.5 billion NOK annually.
Photo: Even Bjøringsøy Johnsen / NRK
Totally unacceptable
Thus, LO is perfectly aligned with unions in SAS.
We have hundreds of members who are now in their third year and are still unemployed. They have not regained their jobs despite the return of traffic. Yngve Carlsen, president of the Norwegian Airmen’s Association, says it was tough and totally unacceptable for SAS not to bring them back into action now that traffic is back.
– What do you think if the Labor government goes into subsidies when it treats employees in this way?
Those who are placed at the gate must get the job back. There should be a clear introduction. We understand the need for SAS to restructure the balance sheet. But he says SAS has to contend with driven market conditions in the market in which it operates.
money issue
SAS CEO Anko van der Werve told NRK that he understands the situation is difficult for many in the company, but that solutions must be found that will allow SAS to stand on its own two feet in the future.
The real test will be whether we will be able to attract new investors to the company. That’s what is needed, says van der Werf.
The company’s management aims to implement the SAS Future Savings Scheme, which includes a strong lotion. 7.5 billion kroner must be saved each year.
This involves demanding new discussions with unions at SAS.
But pilots aren’t interested in signing up for any savings plan if fired pilots don’t get their jobs back.
The Ministry of Trade and Industry told NRK that it is too early to say anything about how the country will respond to many of the proposals for financial solutions for SAS.
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