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Scandinavian airline SAS postpones Q3 earnings report as loan negotiations continue

The legs of a technichan seen under one of SAS MD-82 aircrafts parked at Arlanda airport north of Stockholm, Sweden, Feb. 9, 2010. THE CANADIAN PRESS/AP, Johan Nilsson

STOCKHOLM - Scandinavian airlines SAS AB has postponed the publication of its third-quarter earnings report, saying it needs more time to negotiate loan extensions.

The Stockholm-based group was to report the report on Thursday but has delayed it until Nov. 14 at the latest when it will announce the outcome of the loan talks.

Last week, the airline sought to reassure investors by releasing some figures early, saying it expects a quarterly pretax profit of 568 million kronor ($85 million). Media had speculated that SAS was on the brink of bankruptcy.

SAS also announced a preliminary cost-cutting program aimed at saving 3 billion kronor and said it plans to sell off non-core assets worth another 3 billion kronor.


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