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SAS in financial trouble

Photo: SAS

Scandinavia’s main airline company SAS is in deep financial trouble, and will have to cut 500 million EUR in its budget. Many predict that SAS will be sold to a larger European airline company in near future.

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The airline company presented figures for the third quarter which shows a loss of 200 million EUR. Head of the corporation, Mats Jansson, says to news web site e24.no that there are three main factors to the losses. One is the current crisis in the SAS Company, second is the global financial crisis and third is the overall crisis in airline industry.

Jansson’s main focus now will be to look for other airline companies which SAS can establish a closer cooperation with. Lufthansa is one of the companies which have indicated that they are interested in buying SAS. The other focus will be to find solutions together with the company’s 6000 employees on how to cut costs.

SAS’s daughter company Widerøe is also affected by the crisis and must cut costs too. However there have yet not come any indications on flights which will be removed from either SAS or Widerøes flight schedule because of the crisis.