Follow us on

News Summary: SAS avoids bankruptcy

Source : AP
Last Updated: Mon, Nov 19, 2012 17:00 hrs

: Scandinavia's flagship airline SAS averted imminent bankruptcy after all eight unions signed new collective agreements that will see jobs, salaries and pensions cut.

PULLING OUT OF A DIVE: Without the unions' green light, SAS, which is half-owned by the governments of Sweden, Norway and Denmark, would have seen its credit line cut this week — effectively making the company insolvent.

DEEPER CUTS: The restructuring plan aims to cut costs by $3 billion kronor ($440 million) annually. It proposes slashing 800 administrative positions and eventually reducing staff numbers from 15,000 to 9,000.

blog comments powered by Disqus
most popular on facebook
talking point on sify finance