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Norway set for SAS debt-equity scheme

SAS Scandinavian Airlines (SK, Copenhagen Kastrup) has welcomed as "an important step" towards its future success, the Norwegian government's announcement that it intends to support the airline's transformation plan by converting its debt into equity. The Norwegian government, which sold out of SAS as a shareholder in 2018, also announced it would not contribute any new capital.

"The full implementation of SAS FORWARD (as the airline's transformation plan is called), including the burden-sharing components, will allow SAS to become a competitive player in the European airline industry," the carrier said in a statement.

SAS had been an important part of the Scandinavian infrastructure since 1946, the carrier said, in connecting Norway and Scandinavia to the world. "This continues to be SAS' mission for generations to come."

Industry Minister Jan Christian Vestre on June 28 said SAS owed the Norwegian state about NOK1.5 billion crowns (USD153 million) from loans made during the pandemic, adding these can be converted into equity under certain conditions. He stressed that Norway would not participate as an investor in any...

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