• Sweden edition
 
Troubled SAS rejects bankruptcy rumours

Troubled SAS rejects bankruptcy rumours

Published: 28 Oct 2012 09:07 GMT+01:00
Updated: 28 Oct 2012 09:07 GMT+01:00

"There has been speculation all autumn, there are new things almost everyday, but nothing is decided," said SAS communications head Knut Morten Johansen to the Norwegian website E24.no.

The media has been awash with reports that SAS is facing insolvency, that its banks were losing patience and that the company is set to be sold.

Johansen rejected the sale rumours, explaining that the speculation was "frustrating".

According to a report in the Dagens Industri business daily this week, the airline and its three major shareholders - the Swedish, Norwegian and Danish states - held meetings with its creditors to discuss the airline's future.

The Swedish state has invested some 2.4 billion kronor ($360 million) in the loss-making airline in the past three years, money which has long since been exhausted.

The airline posted losses of 1.69 billion kronor in 2011 and CEO Rickard Gustafsson pledged to accelerate the firm's cost-cutting programme, seeking five billion kronor in savings and new revenue in 2012.

According to the Dagens Industri report, the company's loan facilities expire in March 2013 and rumours that the banks were disinclined to extend the loans have persisted.

Rumours of a sell-off have been circulating since 2008, with Lufthansa long seen as the most probable buyer. A concrete bid has however never been tabled.

Any sale of the company is complicated by its ownership structure with Sweden, Norway and Denmark all required to agree any eventual sale.

TT/The Local/pvs (news@thelocal.se)

Your comments about this article

09:56 October 28, 2012 by Attestupa
Come on guys !!! Do NOT allow SAS to be absorbed by a larger airline. It is Scandinavian and is a great airline.
13:21 October 28, 2012 by Rap43
I haven't voluntarily flown SAS since they stopped supplying free coffee and sandwiches while still charging full fares...

Lufthansa, British Airways, two of the biggest in the world, charge about the same and still supply full service, not to mention better connections with the rest of the world.
17:16 October 28, 2012 by JulieLou40
It would be such a shame to see SAS go, we've always had great service from them. And I don't know why the other poster complained about not getting anything for free-every time we've taken the first flight of the day, we've been given a delicious breakfast, warm bread, and all the tea and coffee we can drink-Norwegian don't do that. I think they're great, and hope the company survives.
17:18 October 28, 2012 by matona1
nothing special about the airline,and what is the diffrent between the local and Sj,why the local blocked coment on the first article,(SJ apologizes after 'asylum-seeker' gaff) same sjit
17:54 October 28, 2012 by Flygger
@Rap43 You may be keen to hear that free coffee has been re-introduced for some time now and I even get a free refill !!

They could drop the newspapers though as far as I would care.

Best airline though is Finnair. Miles better in my humble opinion.
19:44 October 28, 2012 by eurobloke
@Rap43, have you tried BA coffee? It taste like s***, and it is probably instant.
23:08 October 28, 2012 by johan rebel
The Scandinavian governments should have pulled the plug on SK years ago, instead of repeatedly propping it up at the taxpayers' expense
08:23 October 29, 2012 by cattie
I am a frequent flyer to USA and live in Stockholm. I always avoid flying SAS since they only give 25% mileage credit on economy tickets. Lufthansa gives full credit. While I may need an extra stop in Germany, I want to elite status and free flights, I consider it a waste of a trans-atlantic flight to fly SAS.

A couole of years ago, I wrote SAS and explained to them that the purpose of a loyalty program was to INCREASE loyalty and sales -- not decrease it. I really think they do not run the airline like a business, they responded with the typical Jante-like "We do not do that in Sweden..."
10:09 October 29, 2012 by Andrew
I will avoid flying on SAS both on domestic and international flights. Finnair is way much better in terms of service and inflight entertainments. Prices is not even competitive anymore. Lufthansa is good too and together with Swiss Airlines, I rather choose them then SAS.
10:45 October 29, 2012 by EP
SAS can't even get their website to work properly on occasion, and if you want to book Eurobonus tickets, the same destination options do not even show up as when you would be buying the ticket, even though they (SAS) fly their (via code-share).

I use Norwegian or other Star Alliance partners whenever I can
Today's headlines
National
Swedish airfares to get cheaper in 2015

Swedish airfares to get cheaper in 2015

Sweden is set to buck the European trend of rising air prices with fares expected to drop next year according to a new report. READ  

National
Swede's homemade submarine nets fortune
Eric Westerberg's homemade submarine Isabelle. Photo: PS.nu

Swede's homemade submarine nets fortune

A Swedish submarine enthusiast who spent over 3,500 hours making his own vessel has sold his prized possession for 705,000 kronor ($98,500) in an online auction. READ  

National
Cops reported for making 'Roma' comment

Cops reported for making 'Roma' comment

Police in northern Sweden have been reported to the Equality Ombudsman for describing a wanted suspect as having a "Roma appearance." READ  

Donald Duck and Zlatan get Swedish votes
A political career for Zlatan? Some fans seem to want to see that. Photo: Peter Dejong/TT

Donald Duck and Zlatan get Swedish votes

The Bilderberg Group, the Satanic Initiative and Adolf Hitler all received votes in Sweden’s general election, according to a list released by the country’s electoral authority. READ  

Sport
Stockholm fails bid to host Euro 2020 games
The Swedish team in action. Photo: TT

Stockholm fails bid to host Euro 2020 games

Sweden's capital has missed out on a chance to host any Euro 2020 games, with Copenhagen the only Scandinavian city among the thirteen winning locations. READ  

Vicar: God rejects fans of women priests
Antje Jackelén, Archbishop of Uppsala, is the first woman to head the Swedish church. Photo: Stig-Åke Jönsson/TT

Vicar: God rejects fans of women priests

A Swedish priest has been fired after telling his congregation that people who support female priests would be rejected by God - despite the fact that his own church is led by a woman. READ  

Analysis
Women set to dominate top post-election jobs
Margot Wallström (right) could become Stefan Löfven's new Minister of Foreign Affairs. Photo: TT

Women set to dominate top post-election jobs

Sweden could soon get a female Foreign Minister, Fredrik Reinfeldt's ousted Moderate Party is preparing for its first woman leader and the grandmother of actor Hugh Grant's son is being tipped as Parliament's next Speaker. READ  

National
Sweden protests over Russian plane incursions
A Gripen plane was scrambled to see off the Russian planes. Photo: Johan Nilsson/TT

Sweden protests over Russian plane incursions

UPDATED: Sweden has summoned the Russian Ambassador for a dressing down after two Russian planes violated Swedish airspace last week. READ  

Elections 2014
'Good prospects' for Alliance co-operation

'Good prospects' for Alliance co-operation

UPDATED: Social Democrat leader Stefan Löfven says he is positive that his party can co-operate with the former governing Alliance on some issues. READ  

Lifestyle
Introducing...Astrid Lindgren
Pippi Longstocking comes to live at the Astrid Lindgren theme park. Photo: TT

Introducing...Astrid Lindgren

The creator of Pippi Longstocking, Astrid Lindgren, is the most translated author from Sweden, and has filled children's imaginations since the 1940s. The Local finds out why her work has become a timeless classic. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
The 'black gold' of Sweden's west coast.
National
West Sweden prepares for the 2014 lobster premiere
Society
What's on in Sweden
Politics
How Sweden Democrats went mainstream
Politics
Scandinavia and Scotland: closer links?
Gallery
Property of the week - Eskilstuna
Blog updates

20 September

How a Frog Can Save the Environment (Stockholm in my American Heart) »

"What we do we imagine when we think of children enjoying nature? Perhaps it’s fishing, marveling at lightning bugs on a muggy July day or blowing on the wispy petals of a dandelion to make a special wish. But perhaps most iconic of the playful innocence in childhood is hopping after and trying to catch..." READ »

 

19 September

Editor’s blog (The Local Sweden) »

"Happy Friday readers! It sure has been a exciting week in Sweden, where we’re set to get a new Prime Minister after Fredrik Reinfeldt stepped down following Sunday’s elections. The Local blogged live from the key political gatherings across Stockholm. Why not re-visit the action by taking a look at our photos, tweets, videos and analysis? Since the..." READ »

 
 
 
Sponsored Article
How to start a business in Stockholm
Society
How I became a surf blogger when I moved to Sweden
Gallery
People-watching: September 13th
Society
Why is Stockholm's Södermalm so cool?
Gallery
People-watching: September 11th
Gallery
People-watching: September 13th
Politics
Five possible election outcomes
Politics
Sweden elections: How do they work?
Politics
Sweden elections: Who's who?
Gallery
Property of the week - Hornstull, Stockholm
Analysis
Five differences between the UK and Sweden
Welshman Jonny Luck is now a chef in Sweden
Society
How I opened my own restaurant in Sweden's Malmö
Sponsored Article
Stockholm tech fest: relive the magic
Gallery
People-watching September 8th
Photo: TT
Politics
Feminists fight for first seats
Politics
Immigration cut push from Sweden Democrats
Sheryl Sandberg says women have "low expectations"
Tech
Facebook exec talks women's limits in Swedish business
Politics
Left Party calls for justice and equality
Politics
Green Party wants 'better world' for kids
Lifestyle
The five best Swedish songs of the month
Sponsored Article
Introducing… Insurance in Stockholm
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

857
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN