Looks as though SAS bankruptcy spared by new union agreement

Discussion in 'SAS | EuroBonus' started by guinnessxyz, Nov 19, 2012.  |  Print Topic

  1. The troubled Scandinavian airline SAS has said it is close to reaching a deal with trade unions needed to avoid bankruptcy, following all-night talks.
    Owners and creditors of the airline have a plan to cut costs and jobs, but it needs approval from eight trade unions representing pilots and cabin crew in Sweden, Denmark and Norway.
    The airline said on Monday morning it had reached agreement with all but one of the unions.
    SAS wants to cut 6,000 jobs.
    Talks are still continuing with the Danish cabin crew, according to the news agency Reuters.
    Shares in the company jumped by a quarter in early trading on hopes of a turnaround. Even so, they are still down by 98% since their peak in 2007.

    Full article here:
    http://www.bbc.co.uk/news/business-20389271
     
  2. Imagine having to get 8 union agreements for the same Company..what a waste. Someone in government ought to force the unions to merge into one bargaining group which would be better for all concerned.
     
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  3. tommy777
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    tommy777 Co-founder

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    Great news
     
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  4. Someone
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    Someone Silver Member

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    All needed unions have now agreed and is up to the board and banks to approve the deal
     
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  5. I hope the union deals are realistic and not just stopgap ones to keep flying.
     
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  6. LETTERBOY
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    LETTERBOY Gold Member

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    Yeah, but that would actually make sense. And, as we all know, governments don't do things that make sense. :mad::rolleyes:

    Anyway, let's all celebrate the (perhaps temporary) respite for SAS with Twinkies! :D Wait, what? :eek: Oh, OK. Never mind, then. :oops:
     
  7. Fredrik
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    Fredrik Silver Member

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    Yeah, but it took one union a lot longer to sign. They have some explaining to do.
     
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  8. LETTERBOY
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    LETTERBOY Gold Member

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    They'll come up with some BS story about how they're "protecting the rights" of their members, but they're really just whining and/or chest pounding. :rolleyes::mad:
     
  9. Merlin
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    Merlin Gold Member

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    The question now is: Will it hold or is it only a postponement of the inevitable?
     
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  10. I live in Canada and Twinkies will live on here as their Canadian plants are not affected :cool:
     
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  11. LETTERBOY
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    LETTERBOY Gold Member

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    You, good sir, have no idea how lucky you are. :cool:
     
  12. Should I stock up on them and put out an offer on Ebay:D?
     
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  13. LETTERBOY
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    LETTERBOY Gold Member

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    You'd probably make a killing. Have you seen any of the pictures on TV or the internet showing people hoarding them? :eek: Although, since Hostess and the moronic bakers' union that went on strike (thereby causing the current situation) have agreed to mediation, there may be a chance for Twinkies to survive.
     
  14. Someone
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    Actually, the three different SAS pilot unions (excluding the previous Braathens pilots) are usually negotiating together although being separate groups
     
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