The airline SAS was already struggling before the corona crisis, but the pandemic tightened the carrier's financial situation. Just a few weeks ago, company boss Anko van der Werff publicly pointed out that people are fighting for survival. Now investors from abroad are said to be interested in a takeover.
According to SAS, it needs a further capital injection of around 969 million US dollars. According to a report in the Swedish daily Dagens Industri, a consortium of investors is trying to buy the ailing airline. The newspaper writes, among other things, that the implementation would also depend on the cost basis and "far-reaching restructuring of the mountain of debt". SAS must also comply with the restructuring plan that has already been initiated. Potential buyers want to remain anonymous for the time being. The newspaper only writes that it should be a financial institution based outside of Sweden.
Financial situation very tense
SAS reported second quarter fiscal year results on May 31, 2022. It warned of serious problems if it failed to convert $969 billion of debt and hybrid bonds into equity. It also needs about $XNUMX million in fresh funding. The measures taken so far have brought only “limited progress”.
"In the event that the anticipated burden sharing, debt conversion and new capital raising do not proceed as planned, SAS will not be able to maintain its existing capital structure and current levels of liquidity and it cannot be ruled out that SAS will no longer be able to meet its obligations as they fall due in the longer term," SAS said in a statement accompanying the financial results.
According to the current state of affairs, the carrier cannot hope for further state aid. Anko van der Werff has already received refusals from the governments of Denmark and Sweden. This was justified, among other things, by the fact that a lot of money had already been spent on rescuing SAS in 2020. Norway left the joint venture some time ago and sold all of its shares.
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