The European Commission greenlights a state aid measure of approximately €833 million to recapitalise Scandinavian Airlines (SAS), approved under the State aid COVID Temporary Framework. Denmark and Sweden contributed to the package, involving equity participation, State hybrid notes, and a rights issue, aiming to restore SAS’s capital position amid pandemic-induced financial challenges.
The Commission’s assessment underscores compliance with EU State aid rules, emphasising conditions on intervention necessity, remuneration, governance, prohibition of cross-subsidisation, and public transparency.
This move aligns with efforts to support SAS’s viability while ensuring fair competition in the Single Market. The aid aims to bolster SAS, a significant network airline in Scandinavia, impacted severely by COVID-19 travel restrictions. The decision follows amendments to the COVID Temporary Framework, reflecting the ongoing economic response to the pandemic.
This post was published on 29 November 2023 17:49
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