Airline SAS warns of potential liquidity woes

STORY: SAS has warned it could face liquidity problems if it doesn't get new cash.

The airline said Tuesday (May 31) it hoped to raise nearly $1 billion to finance the restructuring plan it announced in February.

The Swedish and Danish owned carrier said discussions with stakeholders on its latest financing request had made 'limited progress' so far.

Neither Sweden nor Denmark's government immediately responded to requests for comment.

SAS has struggled for years, even before the global health crisis, due to high costs and growing competition.

In 2020 it needed a rescue deal valued at over $300 million to stay afloat.

Tuesday also saw SAS announce a second-quarter loss of about $160 million.

That was down around a third on this time last year.

Shares in the airline fell 9% at one stage Tuesday before recovering some ground.

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