WATCH: Scandinavian carrier SAS said it reached a wage deal with pilot unions, ending a 15-day strike that had thrown the airline’s future into doubt
Pilots agree to 25% wage cutand pilot unions have reached a wage deal, the Scandinavian airline confirmed on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had grounded 3,700 flights and put the carrier's future in doubt.
The airline, which filed for U.S. bankruptcy protection on the second day of the strike, said the industrial action had cost it more than $145 million to date and affected 380,000 passengers in the peak summer travel season.The deal will allow the airline to finalise plans in the next few weeks to raise $700 million of fresh financing needed to see it through the bankruptcy protection process, it said.
The airline said the new 5-1/2-year deal with four pilot unions would help it achieve part of the $700 million of annual cost savings set out in a business transformation plan, known as SAS FORWARD, that also includes measures such as handing back unwanted planes to lessors.SAS still needs to "find a couple of hundred million" in annual cost savings to reach its target, Dilling said.
"I have good hope that they find the position in the market for the future, as a quality airline," investor Gerald Engstrom, who has a 0.96% stake in SAS, told Reuters.
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