An update on the state of SAS, with some good news, and some not so good news.
The airline has now agreed changes with seven out of the eight unions representing employees in regards to wages cuts, working schedule changes and pensions.
Only the cabin crew union of Denmark has yet to reach agreement with management.
The airline needs to get agreement from all eight unions as a condition of a 3.5 billion Swedish crown ($515 million) loan from the governments and six banks.
Espen Pettersen, deputy leader of the main Norwegian cabin union states:
“It has been a very gruelling process.”
“We have made big concessions in this agreement. We are not very happy, but we felt we had no other choice but to sign to secure the jobs and the company.”
The management are aiming to finish talks as soon as possible, but talks have been going on since Sunday, and have spilled over to Monday morning (with them continuing as we speak).
Progress in the talks sent SAS shares soaring.
Hopefully, the final union will seek agreement, and SAS can pull back from the edge.