Scandinavian Airlines lays out survival plan

Scandinavian Airlines – SAS – is set to cut 6,000 staff in a bid to remain in the air. The airline will also start on a programme of asset sales in order to secure loans from banks and Nordic governments.

SAS, one of the main European flag-carriers, has been squeezed by discount carriers amidst a global downturn and has not made a full-year profit since 2007.

“This truly is our, “final call” if there is to be an SAS in the future”, said chief executive, Rickard Gustafson. The group said it aimed to improve earnings by 350 million euros, while its predicted asset sales will strengthen the company’s balance sheet by a further 350 million euros.

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