SAS writes down SEK 1.7 billion - liquidity effect limited to
MSEK 200-300
The SAS Group has continuously informed that following
the divestment of most of its ownership in Spanair early
2009, the SAS Group has had a remaining exposure of
approximately SEK 1.8 billion.
Spanair's Board of Directors has today decided to apply
for bankruptcy. Due to the situation in Spanair, SAS has
decided to make a write down of the outstanding debt and
receivables on Spanair of approximately MEUR 165, as well as
reserve MEUR 28 in guarantees and costs due to the
bankruptcy. SAS ownership in Spanair is currently 10,9%, but
the value of these shares has already been written down and
are booked at 0 value. The write down will affect the SAS
Group's result as a non-recurring item and equity
negatively by SEK 1.7 billion in total. As informed earlier,
the effect on the SAS Group's liquid assets is estimated
to be limited to MSEK 200-300.
SAS Group will follow customary procedures as a creditor in
the upcoming bankruptcy process.
As reported as of the third quarter, SAS has a financial
preparedness of SEK 10.6 billion so the event will have a
limited effect on SAS liquidity.
SAS will assist passengers to the extent practically
possible.
SAS expects a positive result before non-recurring items for
the full year 2011.
For further information,
Sture St