SAS airline 'fighting for survival', CEO says as shares plunge

Stocks successful Scandinavian hose SAS tumbled connected Monday aft its main enforcement said the institution was warring for its endurance and indispensable chopped costs.

"When I spot what the marketplace looks similar today, however our clients are changing, and the size of our debt, it's perfectly wide that we person to bash things precise differently," Anko Van der Werff, who took implicit arsenic CEO successful July, told Danish concern paper Finans precocious Sunday.

"It is simply a combat to alteration SAS truthful that we person a future."

SAS is presently facing respective problems, including a imperishable driblet successful concern question and costly corporate labour agreements, helium said.

Van der Werff said helium had summoned the main unions for 3 months of negotiations aimed astatine cutting costs and expanding flexibility.

"This requires knowing and willingness from everyone... SAS needs to beryllium competitory truthful we tin survive, grow, and make jobs," helium said.

In aboriginal day trading connected Monday, the SAS stock terms had mislaid 14 percent connected the Stockholm banal exchange.

The ailing hose chopped 5,000 jobs past year—representing 40 percent of its workforce—and announced successful May this twelvemonth a recognition enactment of 3 cardinal kronor ($350 million) from the Danish and Swedish governments, its main shareholders, to get done the crisis.

That assistance came connected apical of a archetypal enactment of recognition for the aforesaid magnitude and a superior summation successful 2020.

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© 2021 AFP