SAS wants more relief funding

SAS is in talks with major shareholders to raise more money to help it ride out the pandemic-induced collapse in global air travel after reporting bigger losses in its Q2. Sweden and Denmark, part owners of SAS, have already stepped in to aid the airline, guaranteeing a 3.3b crown credit facility, but SAS CE Rickard Gustafson said more would be needed given the scope of the crisis. "SAS is currently in active, intensive and constructive discussions with the company's major shareholders and selected stakeholders on a recapitalisation plan to ensure the future of SAS," Gustafson said. When asked for more details on the funding needs, Gustafson declined to give more information, but said it was clear the amount would be "significant". Gustafson said the company aimed to present a plan to the market in June. SAS said losses before tax in the February-April quarter rose to 3.72b Swedish crowns ($387.4m) from 1.22b a year earlier. The airline, facing tough competition from low-cost rivals, had already been restructuring and making cost savings before the coronavirus pandemic hit the airline industry.<br/>