Airline SAS has today reported a February-April loss that was smaller than an year ago and said it aimed to raise at least 9.5 billion Swedish crowns ($972 million) in new equity capital.
SAS is part-owned by the governments of Sweden and Denmark and has been struggling for years.
It reported a fiscal second-quarter loss before tax of 1.56 billion crowns ($160 million) compared to a 2.33 billion loss a year earlier.
The airline in February announced a new big cost savings plan and said it hoped to raise new capital. It did not specify at the time how much it hoped to raise.
Sweden and Denmark did not say whether they would pay up again after the airline in 2020 secured a 3 billion crown rescue deal from the two governments.
"In addition to reducing the cost structure and improve efficiencies, SAS is seeking to convert approximately SEK 20 billion of debt and hybrid notes into common equity and will also seek to raise not less than SEK 9.5 billion in new equity capital," SAS said in a statement today.
