Recapitalisation of SAS AB
On 30 June, SAS presented a plan for the recapitalisation of the company and a plan to accelerate its climate action, including the halving of emissions by 2030. The Government has the Riksdag’s mandate to participate in the recapitalisation on behalf of the Swedish State during 2020 to an amount not exceeding SEK 5 billion. The Government supports the plan that has now been put forward and the measures necessary for its realisation.
“SAS is important to meeting society’s fundamental needs in terms of accessibility by air travel in Sweden, Denmark and Norway. As the largest owner of SAS, it is natural that the Swedish State takes responsibility in this crisis, but responsibility will also be required from other stakeholders. It is crucial that SAS becomes a long-term profitable and sustainable company after this crisis,” says Minister for Business, Industry and Innovation Ibrahim Baylan.
“The Government has imposed strict climate and environmental requirements on SAS in conjunction with its recapitalisation. As a consequence of these, the company is now sharpening its climate targets and will now decrease carbon dioxide emissions by 25 per cent by 2025, five years earlier than previously planned. It is very positive that SAS considers that emissions can be reduced by 50 per cent by 2030. This target must be achieved and, as an owner, the Government will continue its dialogue with the company on these issues. Aviation emissions must decrease,” says Minister for Financial Markets and Housing Per Bolund.
The participation of the Swedish State is conditional on the company proceeding with the conversion of debt into equity that is proposed in the recapitalisation plan, and that the European Commission approves the measures.