SAS signs deals with trade unions

SAS signs deals with trade unions

SAS Scandinavian Airlines has signed new labour agreements with seven of the eight unions it is in negotiations with as it battles for survival.

The carrier said last week it would shed 6,000 jobs as it sought to avoid bankruptcy.

On November 12th the board of SAS approved the 4 Excellence Next Generation (4XNG) plan to address the issues facing the carrier.

The 4XNG plan will improve EBT by approximately SEK3 billion on an annualised basis and improve the overall cost flexibility

Talks are still continuing with the Danish cabin crew, with deals in place for Norwegian and Swedish staff.

Shares in the company jumped by a quarter in early trading.

However, they are still down by 98 per cent from a peak in 2007.