Norway is involved in discussions about providing billions in support to SAS, reports the Norwegian newspaper Dagens Næringsliv. The Storting has been contacted and the opposition is positive about participating in the support program, which could result in Norway once again becoming a major owner.
The Labor Party's Sverre Myrli, who sits on the Norwegian Parliament's Transport Committee, confirms to the Norwegian newspaper that talks are underway with the Swedish and Danish governments.
”"When SAS is in a situation like now, we should not rule out giving it. We are well acquainted with what Sweden and Denmark have done, and it is an interesting situation," he said, confirming at the same time that the dialogue with Sweden and Denmark has been opened.
Sweden and Denmark each still own 14-15 percent of SAS. Norway was previously one of the group's major owners, but in 2018 the state sold its remaining 10 percent stake in the company. Since then, the share price has halved.
This morning, a press release was issued stating that SAS estimates that the recapitalization plan that the company is now developing will include new funds of approximately SEK 12.5 billion "as well as additional measures.".
On Monday, the government submitted a bill to the Riksdag to support SAS with up to 5 billion kronor. In addition, SAS writes, the Danish government has communicated political agreement for a recapitalization of the company.
”"The goal of the recapitalization plan is to ensure that SAS is fully funded and that the level of equity will be as before Covid-19 when business volumes return to pre-Covid-19 levels," SAS writes.
As previously stated, the company is in dialogue with various stakeholders regarding the recapitalization.
Source: Nyhetsbyrån Direkt
”"These measures will involve internal, external and financial stakeholders in the company, including the holders of SAS's outstanding bonds and hybrid bonds," SAS writes, promising more information at the end of June.
In Norway, a similar recapitalization plan has recently been implemented on behalf of SAS competitor Norwegian Air.
