Whilst I found your post extremely difficult to read (I'm guessing English isn't your first language) the interim report to investors
SAS Group Interim Report January-March 2011 | Cision Wire hardly says Spanair's failure is imminent. It's more about the financial situation of SAS.
From the press release
Stable financial position
It is also satisfying to be able to state that our financial position is stable. This is exemplified by the new bond loan that was issued in March 2011. At the end of March, our financial preparedness was SEK 11.9 billion, which is satisfactory and provides us, for example, with the scope to implement fleet renewal, which we have now begun. SAS has a remaining exposure in Spanair. In the event of Spanair going bankrupt, SAS’s total exposure is SEK 1.8 billion, but with a limited negative liquidity effect of MSEK 200-300. If such an event were to occur, this means that we would still meet our financial preparedness target with a good margin.
My interpretation:
1) We've just issued some new bonds and have loads of cash available to us - 11.9 Billion Swedish Krone to be exact. And we're going to begin renewing our fleet (hey Allegiant you want our last 26 MD-80s? one careful owner and all that...)
2) We still have a bit of liability
if Spanair goes belly up
but we've taken steps to limit this to 300 million SEK so about 2.5% of our total cash pile.
DON'T WORRY - EVERYTHING'S FINE AT SAS