Scandinavian airline SAS, which has been hit hard by the Corona crisis, is in a struggle for survival. This is stated by Anko van der Werf, who became the company’s CEO in July. SAS’ stake immediately lost more than 10 percent on the Stockholm Stock Exchange.
“When I look at the entire market, how customers are changing and the scale of our debt, it’s clear that SAS is fighting,” said the chief executive of Danish newspaper Finans. According to the CEO, the airline faces many problems, such as a steady decline in business flights and “more expensive social agreements” from competition.
Van der Werf calls the trade unions for social counseling. He wants to negotiate with them for three months about lower costs and more flexibility. “This requires understanding and goodwill from everyone,” the CEO said. “SAS must be competitive in order to survive, develop and create jobs.”
At noon, SAS’s stake on the Stockholm Stock Exchange was down 12.3 percent.
The Scandinavian airline cut 5,000 jobs last year, or 40 percent of its workforce. In May, it announced that it had received another 300 million euros in credit from the Danish and Swedish states to survive the Corona crisis. Previously, SAS had already received a similar loan and there was also a capital increase in 2020.
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