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Trading of SAS shares has been halted [merged discussion on restructuring]

Trading of SAS shares has been halted [merged discussion on restructuring]

Old Oct 30, 12, 2:26 am
  #1  
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Exclamation Trading of SAS shares has been halted [merged discussion on restructuring]

Trading of SAS shares have been halted.

http://www.di.se/#!/artiklar/2012/10...andelsstoppat/

"SAS har handelsstoppats tills vidare mot bakgrund av de uppgifter som har cirkulerat i media kring SAS finansiella situation.

Fakta
SAS krisår
Flygbolaget SAS har haft det tufft under flera år och aktien har i princip raderats ut på börsen. Under de senaste fem åren har kursen fallit med över 98 procent.

SAS har haft enorma problem med lönsamheten under dessa år. Sedan 2009 har ägarna skjutit till 11 miljarder kronor. På sistone har flygbolaget fört intensiva förhandlingar med flera storbanker om att förlänga lån som förfaller i mars 2013 och en lösning har rapporteras vara nära.

Under hösten har även rykten om ett nytt sparprogram i SAS florerat, detta trots att sparpaketen redan har avlöst varandra under de senaste åren. Enbart under 2012 ska bolaget spara 2 miljarder kronor. Under det förra sparpaketen, mellan 2009 och 2011, bantade SAS bort 4.600 jobb. En källa hävdar att hela personalstyrkan i flygbolaget nu tvingas söka om sina jobb och sänka lönerna med 25 procent.

Det har även funnits spekulationer om att SAS ska säljas, men flera stora konkurrenter har förnekat sitt intresse. Enligt norska medier har dock en grupp piloter har gått samman med en storinvesterare för att köpa SAS:s norska dotterbolag Widerøe.
Det är Stockholmsbörsen som beslutat om handelsstoppet "för att säkerställa en rättvis handel".

Det framgår av ett börsmeddelande.

"Vi har ingen kommentar till det men återkommer via en börsrelease", skriver SAS ir-chef Sture Stölen till di.se via mejl.

SAS-aktien har de senaste åren befunnit sig i en brant utförsbacke. Efter ett lyft i början av september har aktien åter tappat och närmat sig bottennoteringen 5,10 kronor.

Hittills i år har en dryg fjärdedel av flygbolagets börsvärde raderats ut.

Den senaste tiden har det spekulerats friskt kring nya besparingsprogram och finansieringslösningar. På måndagen uppgav nyhetsbyrån Bloomberg att SAS ska presentera ett nytt sparprogram nästa månad samt att krediter till ett värde av 661 miljoner dollar måste förnyas.

SAS ägare har de senaste åren skjutit till åtskilliga miljarder i kapitaltillskott."
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Old Oct 30, 12, 2:44 am
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holy cow!
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Old Oct 30, 12, 3:01 am
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Should be time to burn a hell lot of points on anything but SK-tickets....

Well, not really. I will stay calm. For now.
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Old Oct 30, 12, 3:06 am
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Information in English http://uk.reuters.com/article/2012/1...89T0IK20121030
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Old Oct 30, 12, 3:29 am
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Still, I don't think bankruptcy is at risk here. The political consequences for letting SAS go bankrupt would be greater than the Scandinavian governments putting in yet a couple of billion crowns. I know that the Norwegian government according to media has said no to putting in more money in SAS but there are three governments who will decide here and I can't imagine the that Danish government would risk CPH airport loosing so many jobs that a bankruptcy would mean. It is also unlikely that one of the major Swedish private owners - the Wallenberg company Investor - would let SAS go bankrupt.

My guess is that SAS will get some new money from its owners and who knows - maybe the Swedish and Danish governments will buy out the Norweigans?
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Old Oct 30, 12, 3:54 am
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The company is not going bankrupt, now. It´s too much even for the Swedish government. Even if the airline went bust, there are plenty of demand, only costs would have to be lower to make a profit. It´s not like all flying to and from Scandinavia would stop. Besides, Norway has Norwegian. LH Finnair, Norwegian or someone would continue most of current operations.
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Old Oct 30, 12, 4:07 am
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Originally Posted by SK989 View Post
The political consequences for letting SAS go bankrupt would be greater than the Scandinavian governments putting in yet a couple of billion crowns.
Doesn't the EU regs block the perpetual pumping of tax SEK/DKK into legacy carriers?
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Old Oct 30, 12, 4:15 am
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Just in:

SAS releases preliminary Q3 result and information regarding its financial position.

Following numerous rumors in Scandinavian media, SAS announces that it will
report on 8 November 2012 a positive result for Q3 - with an EBT of 568 MSEK.
Passenger revenue growth of 9% and unit cost reduction of 6%

In a very difficult and competitive industry environment, the positive
development in Q3 is proof that implementation of the 4 Excellence strategy has
proceeded according to plan-. As a result of the implementation of the 4
Excellence strategy SAS has been able to increase passenger revenues by 9% and
lower its unit cost (CASK - fuel and currency adjusted) by 6% percent in the
third quarter of 2012.

Furthermore, SAS has for some time signaled the need for significant further
efficiency improvements in order to secure its long term competitiveness. The
company is currently finalizing a comprehensive plan to fundamentally address
its cost on a long-term basis, to increase cost flexibility, reduce complexity
and also reduce for the effect of the potential equity write down in 2013 due to
pension accounting changes. The financial benefit from this plan is expected to
amount to approximately 3 bn SEK in EBT. The plan further encompasses disposals
of non-core assets to reduce the company's long term dependency on third party
funding going forward. These disposals total approximately 3 bn SEK.

In light of the importance of this plan, a Board decision on the plan is
expected to be made and subsequently communicated within the near future.

SAS' present financial preparedness is 17% with liquid funds equivalent of 2.4
bn SEK and available credit facilities of 4.7 bn SEK that will expire in June
2013. SAS is currently in negotiations regarding the extension and amount of its
revolving credit facility and backstop bilateral facilities. The finalization of
the comprehensive plan to address the company's cost structure and complete
asset disposals is an essential part of the negotiations.

The company will provide further updates when material developments occur.

SAS Communication, Sweden, Tel: +46 8 797 2944

SAS is publishing this information in accordance with the Swedish Securities
Market Act and/or the Swedish Financial Instruments Trading Act and
corresponding Danish and Norwegian legislation. This information was submitted
for publication on October 30, 2012 at 11.00 CET.

This information was brought to you by Cision http://www.cisionwire.com
The following files are available for download:
http://mb.cision.com/Main/290/9327996/61393.pdf PDF
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Old Oct 30, 12, 4:46 am
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Hmm.... so the rumours became so bad they put in emergency measure even though there was no reason to worry?

More here http://www.thelocal.se/44124/20121030/
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Old Oct 30, 12, 5:46 am
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Originally Posted by oliver2002 View Post
Hmm.... so the rumours became so bad they put in emergency measure even though there was no reason to worry?

More here http://www.thelocal.se/44124/20121030/
I guess someone has shorting taking advantage of the rumours... The stock is currently +15%.
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Old Oct 30, 12, 7:19 am
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Google Translation of original post

"SAS has trading been suspended in light of the information that has been circulating in the media about the SAS's financial situation.

Facts
SAS crisis years
The airline SAS has had it rough for several years and shares have basically been wiped out in the stock market. Over the past five years, the price has fallen by over 98 percent.

SAS has had huge problems with profitability in those years. Since 2009, the owners have brought in 11 billion. Recently, the airline held intensive negotiations with several major banks to extend loans that mature in March 2013 and a solution has been reported to be close.

During the autumn, although rumors of a new savings program in SAS flourished, despite the fact that saving packages have already succeeded each other in recent years. Alone in 2012 the company will save 2 billion. During the last save packets, between 2009 and 2011, SAS stripped away 4,600 jobs. One source claims that the entire workforce in the airline now forced to search for their jobs and cut wages by 25 percent.

There has also been speculation that SAS will be sold, but several large competitors have denied their interest. According to Norwegian media, however, a group of pilots has partnered with a major investor to buy SAS's Norwegian subsidiary Widerøe.
The Stockholm Stock Exchange decided on trading halt "to ensure a fair trade."

It appears from a stock exchange release.

"We have no comment on it but will return via a stock exchange release," writes SAS ir manager Sture Stölen to di.se via email.

SAS shares in recent years has been in a steep downward slope. After a boost in early september, the shares are lost and approached the trough SEK 5.10.

So far this year more than a quarter of the airline's stock market value wiped out.

Recently, there has been speculation about the new healthy savings and financial engineering. On Monday, reported the news agency Bloomberg that SAS will present a new savings program next month and that the credits for a value of $ 661 million must be renewed.

SAS owners in recent years has contributed to several billion in capital. "
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Old Nov 8, 12, 2:34 am
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The announcement of Q3 financials has been postponed to Nov 12 instead of today. What is the holdup??

http://www.reuters.com/article/2012/...8M84B420121108
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Old Nov 8, 12, 3:11 am
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They're expecting to finish the negotiating with the unions and banks within the next days.

In Norwegian:
http://e24.no/boers-og-finans/sas-ut...orten/20296937
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Old Nov 8, 12, 3:46 am
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And in Danish: http://www.business.dk/transport/sas...ds-om-faa-dage
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Old Nov 8, 12, 4:43 am
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Originally Posted by oliver2002 View Post
The announcement of Q3 financials has been postponed to Nov 12 instead of today. What is the holdup??
Originally Posted by chrisljo View Post
They're expecting to finish the negotiating with the unions and banks within the next days.
One lock up here is that it seems banks have tied the loan renewals to approval of cost reduction & propetry sales programs. Postponing these may also automatically postpone any financial relief.
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