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SAS secures loan worth 3.3 billion kronor that’s backed by Sweden and Denmark

SAS secures loan worth 3.3 billion kronor that's backed by Sweden and Denmark
SAS Airlines has inked a deal for a SEK 3.3 billion loan which is back by both the Swedish and Danish states to help see the company through the coronavirus pandemic.

Ninety percent of the 3-year loan is guaranteed by Sweden and Denmark’s governments, meaning if SAS fails to repay the debt, taxpayers could be on the hook for covering the bill.

The airline’s CFO Torbjörn Wist said in a statement that the loan strengthens SAS’s financial position and that the carrier was also in talks with Norway to secure an additional loan of up to 1.6 billion Swedish kronor.
 
SAS plan to make 5,000 employees redundant

Scandinavian airline SAS says 5,000 employees will be given notice as the coronavirus has seen demand for air travel collapse.

The move will see 40 percent of the airline’s workforce lose their jobs, including 1,900 employees in Sweden.

SAS CEO Rickard Gustafson says SAS predicts the current collapse in demand for air travel to continue throughout the year and spread into next year.

Not until 2022 does he foresee a return to pre-virus levels of demand for flights.

However, should demand rise quicker than expected, he says SAS has the ability to rescind its redundancies as there is a six-month notice before they take effect.
 
Norwegian Air wins shareholder support for rescue plan

The low-cost airline Norwegian was given the greenlight on Monday to swap roughly SEK 10 billion kronor worth of debt into shares.

The move allows the company to access government credit guarantees from Norway and that financial aid will help keep the carrier afloat but wipes out what little value shareholders had in Norwegian.

The airline was already in financial trouble before the coronavirus pandemic hit.

And once the virus grounded most of its fleet, the company said it could run out of cash by the middle of the month.

Source: Sveriges Radio

SAS secures loan worth 3.3 billion kronor that's backed by Sweden and Denmark السابق

SAS secures loan worth 3.3 billion kronor that’s backed by Sweden and Denmark

في السويد باحثون يقتربون من إيجاد لقاح لكورونا التالي

في السويد باحثون يقتربون من إيجاد لقاح لكورونا

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