Financially struggling airline SAS has secured agreements with all eight of its unions as it battles for survival.
The Scandinavian carrier wants to save $440 million per year through a new restructuring plan but needed to secure deals with all of its unions to gain access to a new credit line worth $520 million.
Negotiations between SAS and its unions continued over the weekend as the airline sought to reach the deals necessary to secure the funding it needs to survive.
SAS, which is jointly owned by the governments of Sweden, Denmark and Norway, has asked employees to agree to a cut in wages as well as changes to their working schedules and pensions.
The airline said in a statement: "The condition to have eight union agreements signed has been fulfilled on November 19, 2012, subject to a ballot approval by one third of the members of the Danish Pilot Union to be finalised in the next few days. The availability of the new revolving credit facility is still subject to parliamentary approvals (where required)."
SAS chief executive officer Rickard Gustafson last week described the restructuring plan as the airline’s “final call”.
“We have been given this final chance to make a fresh start and to carry on these fundamental changes,” said Gustafson. “I know that we are asking a lot of our employees, but there is no other way.
“If we do this, we will be able to invest in new aircraft in the long term and to further develop our operations. This will ensure that SAS will continue to play an important role for millions of people in Scandinavia in the future.”