November 20, 2012
SAS signs new union agreements with 7 of 8 unions- negotiations continue
On November 12th, the Board of SAS approved the 4 Excellence Next Generation (4XNG) plan to address the issues facing SAS. The 4XNG plan will improve EBT by approximately SEK3bn on an annualized basis and improve the overall cost flexibility. One of the conditions to implement the plan and for the availability of the new SEK3.5bn revolving credit facility is signed union agreements. This condition has not yet been fully reached, but 7 out of 8 unions have signed new agreements. Negotiations continue and SAS will publish additional information as soon as it is available.