Stockholm: The Airline SAS is discussing with major shareholders to raise more funds to help it survive the pandemic-induced collapse in global air travel after facing bigger losses in its second quarter.
Denmark and Sweden, part owners of SAS, already stepped in to help the airline, assuring a 3.3 billion crown credit facility, but SAS CEO Rickard Gustafson said more funds would be needed given the impact of the COVID-19 crisis.
Gustafson confirmed the company looking to present a plan to the market in the month of June. SAS said in the February-April quarter, losses before tax rose to 3.72 billion Swedish crowns (around $387.4 million) from 1.22 billion last year.
SAS reported a profit last in its August-October 2019 quarter.
