Group of investors eye takeover of airline SAS, Swedish daily DI reports

Scandinavian Airlines (SAS) Airbus A320 planes are parked at Copenhagen airport in Kastrup, Denmark, March 15, 2020. TT News Agency/Johan Nilsson via REUTERS

OSLO (Reuters) – A group of foreign investors is exploring a takeover of Scandinavian airline SAS, Swedish financial daily Dagens Industri reported late on Wednesday, citing anonymous sources.

The investors have appointed advisors to help facilitate a takeover, but any investment in SAS would be conditional on cost cuts and a restructuring of the Stockholm-based carrier’s finances, according to the report.

Loss-making SAS on Tuesday said it hopes to convert debt to equity and raise 9.5 billion Swedish crowns ($966 million) in new cash, warning of liquidity problems if it falls short.

The carrier, part-owned by Sweden and Denmark, has been struggling for years and on Tuesday said it had not yet made sufficient progress on a restructuring plan presented in February.

($1 = 9.8386 Swedish crowns)

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