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Oct 30, 2012 (newstodate): On Tuesday morning, the Swedish stock Exchange at Stockholm has announced that all trade with SAS shares has been suspended.
Behind the decision is the vehement rumors circulating in the market about the carrier's dire financial situation.
So far, SAS has offered no comments but the company will issue a release later today.
SAS is expected to announce a new stern program of cost savings and reductions as well as sale of non-core businesses and assets in connection with its quarterly report on November 8, 2012.
*The suspension of the trade in shares however forced SAS to issue a preliminary Q3 result and information regarding its financial position.
*According to the company, SAS announced that it will report on November 8, 2012, a positive result for Q3 - with an EBT of 568 MSEK. Passenger revenue growth of nine percent and unit cost reduction of six percent.
*SAS also says that it is currently in negotiations regarding the extension and amount of its revolving credit facility and backstop bilateral facilities.
Failing to land an agreement with banks for this extension of the credit facilities would place the carrier in a position close to bankruptcy.
Behind the decision is the vehement rumors circulating in the market about the carrier's dire financial situation.
So far, SAS has offered no comments but the company will issue a release later today.
SAS is expected to announce a new stern program of cost savings and reductions as well as sale of non-core businesses and assets in connection with its quarterly report on November 8, 2012.
*The suspension of the trade in shares however forced SAS to issue a preliminary Q3 result and information regarding its financial position.
*According to the company, SAS announced that it will report on November 8, 2012, a positive result for Q3 - with an EBT of 568 MSEK. Passenger revenue growth of nine percent and unit cost reduction of six percent.
*SAS also says that it is currently in negotiations regarding the extension and amount of its revolving credit facility and backstop bilateral facilities.
Failing to land an agreement with banks for this extension of the credit facilities would place the carrier in a position close to bankruptcy.