SAS employees and executives manage to negotiate a deal that will keep the airline flying
Updated - Nov 19, 17:10
Nov 19, 15:12
Final union agrees to restructuring
SAS is now clear to implement its restructuring programme after agreeing to the terms of a new contract with its Danish cabin attendants.
The Cabin Attendants Union was the final holdout of a total of eight unions in Denmark, Sweden and Norway that the airline needed to reach a deal with before it could implement its plan to save 2.8 billion kroner annually in order to keep the company in operation.
The agreements struck over the past week will now be reviewed by the airline's board, together with representatives from the Danish, Swedish and Norwegian states, who collectively own half of SAS shares, representatives from the banks Nordea and Swedbank, and other major investors. Should the agreements be accepted, the plan will go forward.
Nov 19, 11:17
SAS shares soar on reports of agreement
News that SAS has reached an agreement with several of its employee unions has been well received by the markets this morning. As of 11am, the airline's shares were trading at 6 kroner, up about 20 percent over Friday's close.
SAS shares surged from the start of trading today on news that it only lacked an agreement with only Danish cabin attendants in order to be able to implement its restructuring plan aimed at keeping the company in business by saving 2.8 billion kroner annually,
Read our previous stories about SAS's most recent plan to shore up the ailing airline
- Agreement with pilots puts SAS deal close at hand
- SAS talks set to continue through night
- All quiet ahead of SAS decision day
- SAS negotiations go down to the wire
- Danish pilots reject SAS savings plan
- Employees resisting SAS “ultimatum”
- “Final call” for SAS as airline cuts 800 jobs
- SAS forced to announce new savings plan
- SAS may demand staff pay cut