SAS embarks on cost cutting plan

Scandinavian airline SAS is planning to cut costs by shedding more than 1,000 staff and cutting the pay of other employees by 15%. The plan has been approved by the airline’s lenders which are close to approving SAS to roll over the debt coming due next year. SAS has failed to post a profit since 2007 but its preliminary third quarter figures show that the airline made a pretax profit of 568 million crowns – although final results has been delayed. Reuters has reported that SAS may sell its Ground Handling unit and frequent flyer scheme, Eurobonus.