Sweden, Denmark promise help as SAS seeks $1.3 billion in new funds

SAS needs about 12.5b Swedish crowns in new funding to survive the coronavirus pandemic, the airline said Monday as it presented a recapitalisation plan. "The aim of the plan is to ensure that SAS is fully funded and that shareholders' equity will be at levels reported before the COVID-19 pandemic when anticipated business volumes return to pre-corona levels in 2022," SAS said. Sweden, which has a 14.8% stake in the carrier, said it would ask parliament for an injection of up to 5b crowns and to increase its stake by an unspecified amount. Denmark, which has a 14.2% stake, said it would support the recapitalisation but declined to say how much money it would invest. It said the amount "must be matched by a fair share of ownership". SAS said in May it was in talks with shareholders to raise funds. Sweden and Denmark have already guaranteed a 3.3b Swedish crown credit facility for the carrier. The airline said it was also seeking support from the government of Norway, which sold its last shares in the company in 2018. Prime Minister Erna Solberg said she had rebuffed an approach from Sweden and Denmark regarding ownership. "They would like to share the bill with someone, but we've sold out of SAS," Solberg told public broadcaster NRK.<br/>