SAS cuts 800 jobs in 'final call'

SAS airlines

Scandinavian airline SAS AB says it will lower pensions and salaries and slash 800 jobs in an effort to cut costs by 3 billion kronor ($440 million) annually in what the CEO describes as a 'final call'' for the loss-making carrier.

SAS says it has reached a crucial deal for 3.5 billion kronor in credit lines from the Scandinavian governments and major banks, conditional on new agreements with labor unions.

The company also plans to raise about 3 billion kronor by selling regional airline Wideroe, ground handling services and other assets.

SAS made the announcement Monday as it presented its third-quarter results. Net profit doubled to 434 million kronor as sales rose 5 percent to 11.1 billion kronor.

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