[ad_1]
Article content material
STOCKHOLM — SAS warned on Monday that point was working out as negotiations resumed with pilot unions to finish a two-week strike that the Scandinavian airline says threatens its existence.
Most SAS pilots in Sweden, Denmark and Norway walked out on July 4 after talks over situations associated to the provider’s rescue plan collapsed. The events returned to the negotiating desk within the Swedish capital on July 13.
The lead negotiator for SAS stated that point was working out and that Monday might be the ultimate day of talks between SAS administration and unions.
Commercial 2
Article content material
“We’re approaching a degree the place, as lead negotiator, I’ve to confess that now we are able to’t go any additional,” Marianne Hernaes instructed reporters as she arrived on the talks on Monday.
“We’re quickly on the finish of the highway … Cash is flowing out of the corporate … So some selections should be taken,” she stated, with out giving specifics.
Nonetheless, unions expressed hope an answer might be discovered. The optimism was additionally mirrored in good points in SAS’ share worth.
“I hope it is going to get solved,” Jan Levi Skogvang, one of many union officers representing SAS pilots, instructed reporters.
Shares in SAS have been up 18.7% at 1059 GMT and have been headed for his or her largest day by day acquire in virtually 20 months as talks continued, although the inventory is down almost 70% over the previous 12 months.
Commercial 3
Article content material
The airline filed for U.S. chapter safety on July 5, however its CEO Anko van der Werff stated final week that the strike was placing the success of that course of and, in the end, the survival of the corporate at stake.
Negotiations had continued via the weekend in a marathon 33-hour session with out breaks, however vital points had but to be resolved.
Lengthy-struggling SAS wants to draw new buyers and safe bridge financing, saying it should first slash prices to attain these goals.
The strike is costing SAS $10 million to $13 million per day, in accordance with the airline. Sydbank analyst Jacob Pedersen estimates that if the strike continues, the airline can have misplaced as much as 5 billion Swedish crowns ($481 million) in money move by the top of July, or greater than half of its liquidity.
Commercial 4
Article content material
“The chance of chapter ought to have been eradicated with the U.S. chapter safety submitting,” stated Pedersen. “However because the strike continues, the buyers that have been lined as much as present bridge financing are having second ideas.”
Pilots employed by the 75-year-old provider’s SAS Scandinavia subsidiary stated after talks collapsed that they might conform to restricted wage cuts and fewer favorable phrases, whereas SAS stated the concessions supplied weren’t sufficient for it to hold out a rescue plan introduced in February.
Unions additionally demand that pilots axed in the course of the COVID-19 pandemic are rehired at SAS Scandinavia slightly than having to compete with exterior candidates for jobs on much less engaging phrases at lately created SAS Hyperlink and Eire-based SAS Join.
On Monday, 200 SAS flights, or 62% of these scheduled, have been canceled, in accordance with flight-tracking platform FlightAware. Pilots at SAS Hyperlink and SAS Join aren’t on strike. ($1 = 10.3913 Swedish crowns) (Reporting by Anna Ringstrom and Jacob Gronholt-Pedersen; writing by Anna Ringstrom, Gwladys Fouche and Jacob Gronholt-Pedersen; enhancing by Muralikumar Anantharaman, David Goodman and Emelia Sithole-Matarise)
Commercial
[ad_2]
Source link