Fin24

No headway in SAS talks

2012-11-18 12:47

Stockholm - The troubled Scandinvian airline SAS says negotiations between owners and unions have so far failed to yield an agreement that could save the troubled carrier from bankruptcy.

Owners and creditors of the tri-nation SAS have drafted a programme to slash costs and jobs, but the plan needs the approval from pilot and cabin crew unions.

The airline said Sunday talks over the past week were "intense" and would continue in the hope of reaching an agreement before a key board of director meeting scheduled later on Sunday.

SAS managers are hoping to renegotiate employment terms and pensions for its staff and slash about 800 jobs as part of a $440m annual saving plan. Thousands of other jobs would be outsourced.