Monday, November 19, 2012 11:57 am
News Summary: SAS avoids bankruptcy
By The Associated Press
PULLING OUT OF A DIVE: Without the unions' green light, SAS, which is half-owned by the governments of Sweden, Norway and Denmark, would have seen its credit line cut this week - effectively making the company insolvent.
DEEPER CUTS: The restructuring plan aims to cut costs by $3 billion kronor ($440 million) annually. It proposes slashing 800 administrative positions and eventually reducing staff numbers from 15,000 to 9,000.