SAS is in bad weather after losing a new NOK 1.5 billion before tax in the second quarter. The company once again has a financial knife to its throat. It is a very real question how long it can stay on the wings. In the quarterly report, SAS writes that the goal now is for 20 billion in debt to be converted into share capital. In addition, NOK 9.5 billion in new equity is needed. The Norwegian state has contributed 1.5 billion Swedish kroner through the pandemic, by providing a so-called hybrid loan. Four years ago, Norway sold its 10 percent stake. If the current hybrid loan is converted into shares, the Norwegian state will then become the SAS owner again. – The first thing that must happen, if the state is to contribute, is that SAS must clean up and take back the employees they have laid off in their jobs. It is a prerequisite for the state to contribute here at all, says LO leader Peggy Følsvik. The airline SAS is once again in a financial crisis, and is being hit hard by explosive growth in the price of aviation fuel. Photo: Javad Parsa / NT – No matter what kind of help we are talking about? – Yes, the dismissed pilots and cabin crew who are entitled to get their jobs back and who have now been replaced by others must return to work first. SAS must clean up before the authorities can contribute. – But then the SAS management says that they have a savings program that is needed to save the company, and that is the one you are now against? – In other words, we can not have companies in the Nordic region that do not relate to a Norwegian and Nordic working life model, and they can at least not expect to receive support from the authorities. If you want to run a company in the Nordic region, you have to operate according to our working life model, otherwise you actually have nothing to do here, she says. CEO Anko was where Werf in SAS aims to raise SEK 9.5 billion in new equity. At the same time, the company will cut costs by NOK 7.5 billion a year. Photo: Even Bjøringsøy Johnsen / NRK – Completely unacceptable Thus, LO is completely in line with the unions in SAS. – We have hundreds of members who now in their third year are still unemployed. They have not got their jobs back despite the fact that the traffic is back. It has been cruel, and completely unacceptable for SAS not to take these back to work now that the traffic is returning, says Yngve Carlsen, leader of the Norwegian Pilots’ Association. – What would you think if a Labor government went in with financial support when they treat employees like that? – Those who are put at the gate must get the job back. There must be a clear premise. We understand SAS’s need for a restructuring of the balance sheet. But SAS has to deal with paying market conditions in the market in which they operate, he says. A question about money SAS CEO Anko van der Werf tells NRK that he understands that the situation is difficult for many in the company, but that solutions must be found that allow SAS to stand on its own two feet in the future. – The real test will be whether we will be able to attract new investors to the company. That is what is needed, says van der Werf. The company’s management aims to implement the SAS forward savings plan, which involves strong lye. 7.5 billion kroner must be saved, every single year. This involves new demanding discussions with the unions in SAS. But the pilots are not interested in signing any savings plan if the fired pilots do not get their jobs back. The Ministry of Trade and Industry informs NRK that it is too early to say anything about how the state will respond to various proposals for financial solutions for SAS.
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Employees must get their jobs back before state crisis aid – NRK Norway – Overview of news from different parts of the country
