If you’re wondering why there’s been precious little whining about the Swedish media around here so far this week, it’s a combination of a few things.
- Better news in the form of funding from Hereema and the EU approval for Saab’s EIB loan.
- SAS, the airline, being up the creek without a paddle and – get this – getting a financial bailout from the Swedish government!
The Swedish government own 20 percent of the company, with the governments of Norway and Denmark having a 14% stake each, along with the Wallenbergs.
The airline has been bleeding cash for some time with an ageing fleet and cut-price competition. That’s the background, but the big headline for Saab fans is seeing Maud Olofsson announce that the Swedish state will be pouring some cash in to prop up the airline (pardon the pun).
– It is important to preserve the value of the company, it is taxpayers’ money, “says Olofsson.
And of course, therein lies the difference. They have government ownership involved already, whereas Saab were owned by GM.
They could blame GM for Saab’s failure, but if SAS fails, they can only blame themselves.
I hope there’s a solution for the people who rely on SAS for their livelihood, but the irony of the situation just had to be noted here.
Thanks to OKSaab for the tip!