Tuesday, February 3, 2009
In Lithuania, FlyLAL is bankrupt
In Latvia, Air Baltic has been sold
In Estonia, SAS still has stakes in Estonian Air … but probably not for a long time.
Today SAS announced that they want to focus on the Scandinavian market and will sell all the other airlines of their portfolio. That includes the following companies: Spanair, AirBaltic, Spirit, Air Greenland, BMI, Estonian Air, Skyways, Cubic ja Trust.
In 2008, SAS experienced a deficit of SEK 4 billion and the company has implemented a plan to cut cost everywhere. On Friday, they sold Spanair to a Spanish investor for 1€, yesterday they sold Air Baltic, they fired 3000 employees and even the CEO, Mats Jansson, has lowered his salary to… $ 600,000.
Lufthansa is currently in talks with SAS to buy or merge and is apparently planning to close the deal after SAS have performed cost-cut programs effectively. Negotiations are in active stage according to Jyllands Posten that interviewed Karsten Bentz.