June 25, 2020 / 8:00 AM / 9 days ago

Norway balking at plan to offer hybrid loans to airline SAS - DI daily

STOCKHOLM, June 25 (Reuters) - Norway is hesitant to guarantee loans to SAS that might turn into a renewed ownership in the ailing airline, Swedish business daily Dagens Industri reported on Thursday, citing unnamed sources.

SAS, partly owned by the Sweden and Denmark, said last week it needs about 12.5 billion Swedish crowns ($1.3 billion) in new funding to survive the coronavirus pandemic.

Sweden and Denmark have been in talks with Norway, which previously held a stake in SAS, about contributing to the funding. The Norwegian government has offered loans to SAS but said last week it had no intention of becoming an owner.

Dagens Industri reported that this stance also extended to participating in a so called hybrid emission, loans that can be converted to shares under certain conditions.

“The Norwegian state firmly says that they do not want any ownership-like instruments, which is why they oppose this hybrid which may eventually become an ownership share,” an unnamed source told the newspaper. (Reporting by Johan Ahlander; editing by Niklas Pollard)

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