The former owners of Spaniar, the airline SAS (Scandinavian Airlines Systems), given by certain bankruptcy of the Catalan company and are covering their backs to the markets. SASīs new president, Rick Gustafson, has initiated a series of meetings with analysts to prepare their shareholders and investors to the fall of Spanair. Scandinavians want to protect their action before the close of events.
In a meeting with investors held on Tuesday, Gustafson said that SAS provides all possible scenarios regarding its former subsidiary. Among them, more likely, according to his predictions, is that Spanair will not pay the 200 million still owed by the airline's fall Catalan.
Gustafson did not wait for questions from analysts who attended the presentation of the results of first quarter loss of SAS-reduced 48% to 41 million, and proactively decided to explain what the impact would cause maximum Spanair its outcome. The implosion of the airline Catalan generate minimal damage thanks to writting down was made of this risk, the analysts explained.
Forewarned
Thanks to this operation accounts, SAS Spanair exposure would be limited to between 22 and 33 million euros (200 to 300 million SEK). "If such an event will occur," said the president of SAS to reassure financial analysts, our security guarantee that would achieve the objectives of this year with a good margin. "
As its subsidiary, SAS owns 11% of Spanair, "the numbers do not come with the Scandinavian company. After breaking the sale negotiations with Lufthansa and the announcement of the government ordered the abandonment of the shareholders of SAS Scandinavian, northern European airline depends on itself to secure its future.
In this environment, its new chief executive does not want to scare stock. According to industry sources, Gustafson is putting the band before the wound on its industrial participation in Spanair. Scandinavians sit on the board of directors of the Catalan and as knowledgeable about the situation first hand would take containment measures in all areas, being the main financial headache remedy.
A million a day
Gustafson's concerns are based on a number: one million euros a day. This is the rate at which losses grow Spanair. Estimates calculated in the sector and sent the Catalan government, the airline chaired by Ferran Soriano would have lost in the first quarter, with fuel cheaper than now, 50 to 70 million.
On the other hand, the cost per seat-mile would be offered the highest in the industry with a projection of 0.6 euros, almost double the average. Spanair would be paying too much more expensive fuel than its competitors because of the impossibility of recruiting coverage with banks to help cushion the kerosene bill. Spanair had hired $ 105 per barrel fuel commitments are estimated to have accessed the Digital Economy.
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