Scandinavian carrier SAS unveiled Tuesday a plan to raise around 12 billion Swedish kronor ($1.3 billion) in new funds to deal with the impact of COVID 19. Supported by the three largest shareholders, including the governments of Sweden and Denmark, the aid campaign will result in a 14.25 billion kronor boost to the airline’s equity as it will convert some existing bonds into equity. SAS said it does not expect demand for travel to return to pre-COVID-19 levels before 2022.

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