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Denmark and Sweden Rescues SAS From Bankruptcy

SAS

The largest airline in the Nordic region is currently rescued from bankruptcy.

Norden SAS’s largest airline can temporarily breathe relief after the Danish and Swedish states step in with a massive injection of money to ensure SAS’s survival on the other side of the corona crisis.

An recently released rescue plan shows that the airline will be padded with an extra 10 billion kroner. Among other things, the Danish and Swedish state increase their ownership interest in SAS.

The rescue plan is supported by the three largest shareholders in the company: the Danish state, which owns 14 percent, the Swedish state, which owns 14 percent and the Knut and Alice Wallenberg foundation, which owns 6.5 percent.

New shares and bonds

The multi-billion kroner is to be provided, among other things, through loans – so-called hybrid bonds – from the two states for DKK 4.3 billion.

On behalf of SAS’s Board of Directors, I would like to send a thank you to our shareholders for their support so far  unseen and challenging times. I would also like to thank SAS staff for theirs extraordinary commitment and support during this challenging period, says Carsten Dilling, Chairman of the Board of Directors of SAS in a company announcement.

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