Scandinavian airline SAS reached an agreement with all eight of its unions on Monday, a move that the company hopes will stave off bankruptcy. The final union, Danish cabin crew union CAU held out until Monday. The agreements will cut jobs, wages and benefits. SAS said that it needed the unions to agree to restructuring in order to remain competitive. Analysts were cautious about the company's future, saying that it will take time to see if the airline's plan will succeed.
See "SAS avoids bankruptcy after unions approve plan", Jan M. Olsen, Business Week, November 18, 2012