EU Approves $1.2 Billion Danish, Swedish Measure to Recapitalise Airline SAS

EU competition regulators on Monday cleared a 1-billion-euro ($1.2 billion)(915.40 million pounds) plan by Denmark and Sweden to recapitalise virus-hit SAS, saying the measure would prevent the Scandinavian airline’s insolvency, Reuters reported. The plan is part of a larger recapitalisation package which will result in private investors holding a significant stake in SAS following the conversion of outstanding privately-held debt instruments into equity. The European Commission said the measure will not exceed the minimum needed to ensure the airline’s viability and will not go beyond restoring its capital position before the coronavirus. Read more