Beleaguered SAS sells airBaltic, Spanair to boost finances

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STOCKHOLM (AFP) — Scandinavian carrier Scandinavian Airlines System (SAS) announced Thursday plans to sell its stakes in subsidiaries Spanair and airBaltic in a bid to pull itself out of its financial woes.

SAS said it would sell a majority holding in its wholly-owned company Spanair to a group of Spanish investors for an undisclosed sum, but did not specify how large the stake would be.

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SAS Scandinavian Airlines has reached an agreement with a group of Spanish investors from the Catalonia region, Consorci de Turisme de Barcelona and Catalana, to sell a majority stake in subsidiary Spanair. SAS will remain a minority shareholder under the plan and the deal is expected to be finalized in early 2009. SAS has also agreed to sell its 47.2% stake in Air Baltic to the management of the Latvian carrier. It is expected to continue to cooperate closely with Air Baltic on routes between Scandinavia and the Baltic countries.

Source: CH-Aviation. I warmly thank Thomas for having given us the authorisation to reproduce the articles of his fine newsletter.