SAS group sells sister airline Spanir

SAS group has finally managed to sell Spanish subsidiary airline Spanair.

The sale price will be a nominal €1 and the buyer is a consortium of Spanish businesses and public bodies as well as banks mostly from Catalonia.

SAS said it sold 80.1 percent of Spanair  but  will still be responsible for Spanair debts following the deal and will provide assistance for the transition and turnaround of the carrier.

‘In summary, the financial effects from Spanair’s 2008 result and this transaction on the SAS Group in 2008 will be a negative effect of 4.895 billion crowns reported as discontinued operations in the 2008 financial statements,’ SAS said. Of that total, 2.72 billion crowns was booked in the first three quarters of last year while 2.18 billion will be accounted for in the fourth-quarter results. The fourth-quarter charge consists of a 712 million crown capital loss, 907 million for one-off restructuring costs and an additional 560 million for Spanair losses in the quarter.

The consortium groups Catalana d’Iniciatives — a private equity group including some of Spain’s biggest banks and builders — with regional tourist authorities, a Barcelona exhibition centre and businessmen in local tourism.

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