The Norwegian state will not enter SAS with new capital. The state may, under certain conditions, agree to a debt-to-equity swap, but will not be the long-term owner of SAS.
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SAS is in a demanding restructuring process and I hope the company will emerge stronger from this process as a sustainable airline. The Norwegian state will continue to be a constructive creditor. At the same time, I would like to emphasize that our task is, above all, to take care of the interests of the community and try to limit possible losses as much as possible - says Jan Christian Vestre, Minister of Trade and Industry.
- SAS is facing major challenges and requires restructuring. I want to encourage management and trade unions to find good solutions for the benefit of the company and customers. The company is a "married couple" in the Scandinavian collaboration and the Scandinavian model. Good and trustful cooperation between the employee and the employer is our recipe for success. This is just as important now as ever, says Vestre.
The company owes the Norwegian state 1,5 billion NOK
The Norwegian state is a creditor of SAS through Eksportfinansiering Norge (Eksfin) because the company benefited from the aviation guarantee program. The company owes the Norwegian state 1,5 billion NOK. The guarantee program was established in the wake of the pandemic to provide liquidity to airlines when they were hit hard by travel restrictions. The program closed in June 2021. Now the restrictions have been removed for some time, air traffic is operating again, but the situation is still challenging.
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- The Norwegian state will not contribute new capital and will not be the long-term owner of SAS. However, given the company's situation, we may, under certain conditions, agree to a debt-to-equity swap if we deem it necessary. This assumes that the restructuring plan is sufficient and that all actors contribute to finding solutions, says Trade and Industry Minister Jan Christian Vestre.
Dialogue with all stakeholders
Eksfin will take care of further dialogue with the company. SAS is in dialogue with all of the company's stakeholders on the SAS Forward restructuring plan, which the company launched in February.
– I do not want to speculate on the outcome of the further trial for SAS. For important companies is to carry out restructuring that will ensure long-term competitiveness and profitability. The conditions necessary to maintain a central position on the Norwegian and Scandinavian aviation markets are also important. On the part of the state, Eksfin will follow the process as a creditor and will work to minimize the loss of taxpayers' money, says Vestre.
Source: regjeringen
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