Profit warning Spanair applies for bankruptcy
SAS writes down SEK 1.7 billion – liquidity effect limited to MSEK 200-300The SAS Group has continuously informed that following the divestment of most of its ownership in Spanair early 2009, the SAS Group has had a remaining exposure of approximately SEK 1.8 billion.
Spanair’s Board of Directors has today decided to apply for bankruptcy. Due to the situation in Spanair, SAS has decided to make a write down of the outstanding debt and receivables on Spanair of approximately MEUR 165, as well as reserve MEUR 28 in guarantees and costs due to the bankruptcy. SAS ownership in Spanair is currently 10,9%, but the value of these shares has already been written down and are booked at 0 value. The write down will affect the SAS Group’s result as a non-recurring item and equity negatively by SEK 1.7 billion in total. As informed earlier, the effect on the SAS Group’s liquid assets is estimated to be limited to MSEK 200-300.
SAS Group will follow customary procedures as a creditor in the upcoming bankruptcy process.
As reported as of the third quarter, SAS has a financial preparedness of SEK 10.6 billion so the event will have a limited effect on SAS liquidity.
SAS will assist passengers to the extent practically possible.
SAS expects a positive result before non-recurring items for the full year 2011.
For further information,
Sture Stølen, Head of SAS Group Investor Relations, +46 70 997 1451
SAS Group Investor Relations
SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on 27 January 2012 at 10.00 p.m. CET.