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News Summary: SAS cuts jobs, pay in savings plan

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The Associated Press | November 12, 2012 12:30 PM EST | AP


LAST CALL: Scandinavian airline SAS AB plans to cut 40 percent of its workforce, and reduce pensions and salaries for remaining staff in a plan the CEO called the "final call" for the troubled carrier.

DOGFIGHT: SAS is struggling to compete with budget airlines, which are increasingly dominating European air travel, despite a series of cost-cutting drives in the past decade.

UNDER FIRE: SAS was pressed to make forceful cuts to ensure credit lines from the Scandinavian governments and major banks.