June 15, 2020 / 7:21 AM / 18 days ago

SAS says needs 12.5 bln SEK in recapitalisation plan, Sweden pledges up to 5 bln

STOCKHOLM, June 15 (Reuters) - SAS on Monday said it would need about 12.5 billion crowns ($1.33 billion) in new funding, plus take other measures, as part of its recapitalisation plan after having suspended most flights as a result of the new coronavirus outbreak.

“The aim of the plan is to ensure that SAS is fully funded and that shareholders equity will be at levels reported before the COVID-19 pandemic when anticipated business volumes return to pre-corona levels in 2022,” SAS said in a statement.

The Swedish government said it would ask parliament to allow it to support the ailing airline with up to 5 billion crowns and to increase its ownership stake. ($1 = 9.4165 Swedish crowns) (Reporting by Johannes Hellstrom; Editing by Simon Johnson)

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