Troubled airline SAS mentioned on Friday its newest turn-around plan had hit snags and that discussions with collectors, shareholders and worker teams had solely achieved restricted success.
In February the airline mentioned it aimed to totally remodel its enterprise, together with its community, fleet, labor agreements and different price constructions, aiming to avoid wasting 7.5 billion Swedish crowns (USD 766.54 million) a yr by 2025/2026.
“Unfortunately, negotiations so far have produced limited results and there is a long way to go before SAS’s management and board can say that the plan has been implemented successfully,” the corporate mentioned in an announcement.
It gave no additional particulars. The airline, during which Sweden and Denmark every maintain a stake of round 22 per cent, secured a 3 billion crown rescue deal from the 2 governments in 2020 to maintain afloat throughout pandemic, which nearly shut down the air journey trade.
The airline reported a web lack of 6.5 billion crowns in its monetary yr 2020/2021 following a 9.2 billion loss the yr earlier than.