Updated: 11/19/2012 11:05 AM KSTP.com
DODGING A BULLET: Scandinavia’s flagship airline SAS averted imminent bankruptcy after all eight unions signed new collective agreements that will see jobs, salaries and pensions cut.
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.
(Copyright 2012 by The Associated Press. All Rights Reserved.)