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SAS owners look to EU for loan approval

SAS owners look to EU for loan approval

Published: 09 Nov 2012 15:43 GMT+01:00
Updated: 09 Nov 2012 15:43 GMT+01:00

The three Scandinavian countries, Denmark, Norway and Sweden, have sought EU approval for guaranteeing new loans for SAS airline, the financial daily Dagens Industri (DI) reported on Friday.

"The governments ... have requested EU approval for giving state guarantees for the extension of SAS loans worth billions of kronor," the paper said, citing sources close to the matter.

The three governments hold a 50-percent stake in the company.

Following pressure from Stockholm, five out of six banks had agreed to roll over loans worth 4.7 billion kronor ($699 million), on the condition that the debt was backed by state guarantees, the paper said.

The Scandinavian carrier on Thursday delayed the release of its quarterly results and the unveiling of a restructuring plan, saying negotiations over its credit facilities were ongoing but that they were expected to be finalized within a few days.

The news comes following after trades in SAS were suspended on Tuesday last week, following media reports about the company’s strained finances, according to the Stockholm stock exchange.

Trading commenced again later in the afternoon, despite rumours of the company’s bankruptcy.

Furthermore, the company on Thursday postponed its third quarter report due to ongoing negotiations regarding its revolving credit facility.

AFP/The Local/og

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