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More than a month after the loan guarantee schemes were outlined, SAS has access to money with a guarantee from Denmark and Sweden. The company is still waiting for the Norwegian loan guarantee.
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SAS has entered a revolving credit line of SEK 3.3 billion with a maturity of three years. The company said in a statement Tuesday.
The loan is guaranteed up to 90 percent from the Swedish and Danish state. The money is loaned by a consortium led by SEB. Additionally, both Danske Bank, Nordea and Swedbank contribute money to the line of credit.
– We are pleased to have been able to conclude a credit line agreement with the support of the Danish and Swedish government. The deal increases our financial flexibility, which is crucial at a time when large parts of our aircraft fleet are on the ground, says CFO Torbjørn Wist in a comment.
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Waiting for Norway
He explains that the company now continues to focus on reducing costs. Previously, the company has announced that it will cut 5,000 employees.
– In parallel, we are seeking more support from the Scandinavian countries to ensure that SAS continues to be a leading part of the Scandinavian infrastructure, says Wist.
He explains that the dialogue continues with the Norwegian government to obtain the loan guarantee of NOK 1.5 billion.
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Stock comment: It’s hard to say what Norwegian stocks are worth. Maybe 70 cents?
– Great importance for Scandinavia
As early as March 17, Sweden and Denmark announced that they would benefit SAS with their own loan guarantee.
– SAS is of great importance for the accessibility of Scandinavia and Denmark. It also involves a lot of work, business and the entire economy in general, Danish Finance Minister Nicolai Wammen said in a comment at the time.
“This is the reason why the Danish and Swedish state, as the largest owners, have jointly decided to support SAS by initially providing guarantees totaling SEK 3 billion,” he continued.
The company message
