Scandinavian airline, SAS, announced today that it would eliminate 3,000 jobs and seek $720 million in new cash from shareholders. The company also said 5,600 jobs would be outsourced as SAS attempts to streamline costs amid the current financial crisis. The airline is still reeling from sky-high oil prices last summer, and faces further troubles as a result of tightening credit markets. The firm will also sell its shares in other airlines, including AirBaltic, Spirit, Air Greenland, BMI, Estonian Airways, Skyways, Cubic and Trust. SAS is operating at an increasing net loss.
See "SAS Cuts 3,000 Jobs and Seeks New Cash", David Jolly, The New York Times, February 2, 2009