Reuters: Bankruptcy News: No other option for SAS than current survival plan-Danish minister

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No other option for SAS than current survival plan-Danish minister Nov 15th 2012, 13:22 COPENHAGEN | Thu Nov 15, 2012 8:22am EST COPENHAGEN Nov 15 (Reuters) - Crisis-hit Scandinavian airline SAS must agree to a restructuring plan with its unions if it is to survive, Danish Finance Minister Bjarne Corydon said on Thursday. SAS, which has not made a full-year profit since 2007, unveiled a do-or-die plan this week, which unions must approve by Sunday for it to receive loans from Norway, Denmark, Sweden and the company's other lenders. "We have made a package, an agreement with Norway, Sweden and the six banks, saying there is a credit facility that SAS can get if they get this deal right, if they get their plan moving," Corydon told Reuters in an interview. "It's not an option to fail on the plan we have made to make this company sustainable. They have to do that to get this credit facility moving ... there is no Plan B." (Reporting by Patrick Lannin)

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