On 19 November SAS announced that the Board had decided that the conditions forthe implementation of 4Excellence NG exist as the condition to have all eightunion agreements signed had been reached. The new revolving credit facility ofSEK 3.5 billion was therefore only subject to parliamentary approval whererequired. These approvals have now been obtained in all three Scandinaviancountries. All other conditions are also in place.
The previous MEUR 366 credit facility has been replaced by this new facility andSAS’s bilateral facilities amounting to SEK 1.25 billion has been terminated asthese provided limited benefit at a significant financial cost. The maturity ofthe new facility is March 31, 2015.