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February 14, 2012
Nordic governments back SAS for now
Published: 21 Feb 10 10:27 CET | Double click on a word to get a translation
Updated: 21 Feb 10 13:54 CET
Online: http://www.thelocal.se/25122/20100221/
The Norwegian and Danish Governments told the news agency Reuters at the weekend they would financially support the cash-strapped carrier but wanted to eventually privatize it.
- SAS earnings hit by Spanair bankruptcy (9 Feb 12)
- SAS to lose profits over Spanair bankruptcy (28 Jan 12)
- Rogue rodent keeps US SAS flight grounded (11 Jan 12)
SAS has been hit harder than many other carriers in the global recession because of high operational costs and competition. Industry analysts have long speculated a sale to Lufthansa or Air France KLM.
The three governments said they would support the $684 million rights issue to bolster the red-inked SAS balance sheet. Sweden has a 21.4% stake in SAS, while Denmark and Norway own 14.3% respectively. The remainder is privately held by Wallenberg family interests in Sweden, which has also agreed to subscribe to the rights issue.
The governments formed SAS in 1946 to consolidate the Scandinavian markets.
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I don't understand these governments they are trying to get people to fly less, and then they bale them out.
Why are costs so high? I can tell you why they are NOT high... they're not high because of exceptional service, that's for sure, actually SAS has pretty crappy service.
Great Scott it's not like Saab is profitable either... there has to be a reason why GM wanted to get rid of it (and ended up selling it to another unprofitable car company).
Crazy spending peoples money on this
Other countries have "let go" or their failing national carriers and they have copped on very fast or gone out of business.
But it's good to ask the question.....do Swedes really need to own a stake in their national airline? I'm not so sure.....