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News Summary: SAS cuts jobs, pay in savings plan
Monday - 11/12/2012, 12:17pm EST
(AP) - LAST CALL: Scandinavian airline SAS AB plans to cut 40 percent of its workforce, and reduce pensions and salaries for remaining staff in a plan the CEO called the "final call" for the troubled carrier.
DOGFIGHT: SAS is struggling to compete with budget airlines, which are increasingly dominating European air travel, despite a series of cost-cutting drives in the past decade.
UNDER FIRE: SAS was pressed to make forceful cuts to ensure credit lines from the Scandinavian governments and major banks.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)