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Scandinavian airline SAS said on Tuesday it would make a rights issue of SEK 6 billion ($720 million) after it posted a pretax loss of SEK 403 million in the fourth quarter.
The rights issue, which is supported by SAS’s biggest shareholders, is part of a new savings program that the airline said would result in 3,000 staff being made redundant.
In addition, SAS said 5,600 employees will be leaving the group as part of divestments or outsourcing. That includes the sale of Spanair which SAS announced late last week. (Reuters)