SAS made a bold decision to renew its entire long-haul fleet. But whether the airline will actually survive and be able to fund the investments, is beyond its control. That decision is made by the European Commission. Last November, SAS managed to avoid bankruptcy only after reaching a last-minute deal with unions in order to obtain a new credit facility from its four main shareholders—the governments of Sweden, which holds 21.4% of shares, Denmark (14.3%) and Norway (14.3%) and the ...

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