On Friday evening, the European Commission approved Sweden's revised state guarantees to SAS of SEK 1.5 billion.
The Commission announced this in a press release.
On 11 April, the Commission approved Swedish state aid to the entire Swedish aviation sector of SEK 5 billion. Of this, SEK 1.5 billion was directed to SAS..
But when demand for travel fell significantly more and airlines had difficulty obtaining loans from banks on the original terms, Sweden offered new guarantees.
These were then notified to the Commission for approval under EU state aid rules.
The new support will be provided in the form of government guarantees for a revolving credit facility for SAS.
The exact damage suffered by SAS will be calculated retrospectively based on SAS's accounting for 2020.
If the support exceeds the damage that the corona pandemic has caused to SAS, SAS will be liable for repayment according to standard rules so that SAS is not overcompensated.
On 19 March, the Commission decided to significantly relax state aid rules due to the coronavirus crisis. Since then, the Commission has approved over 50 state aid measures in EU countries.
Source: Direct News Agency
