Uniper in rescue talks with German government
The throttled Russian gas flows cost Uniper an estimated 30 million euros per day.
(Bloomberg) According to informed circles, the gas giant Uniper is in talks with the German federal government about a rescue package worth up to 9 billion euros. The support could include both loans and an entry by the state as a shareholder and also involve the buyers through higher prices, it is said.
Uniper declined to comment on the details of the talks. The largest German importer of Russian gas reported last week on talks with Berlin to secure liquidity. After a record 28 percent plunge yesterday, the company’s stock rallied on Tuesday, climbing as much as 10 percent. The war in Ukraine and its consequences for Russian gas supplies have cost Uniper more than 70 percent of its market value in the current year.
According to government circles, the German traffic light coalition is working on a law that would allow the state to take a stake in ailing energy companies. In addition, at least part of the costs of rising gas prices should be able to be passed on to customers. Analysts estimate that the throttled Russian gas flows are costing Uniper around €30 million per day. The cabinet is due to pass the bill on Tuesday, followed by the Bundestag and Bundesrat on Friday.
Airline SAS applies for bankruptcy protection in the USA
After failed collective bargaining, the pilots at SAS are currently on strike.
(dpa) The ailing Scandinavian airline SAS has filed for bankruptcy protection in the United States. The application is part of a business restructuring plan and is voluntary under Chapter 11 of the US bankruptcy law, the company said on Tuesday. It is a procedure for financial restructuring under judicial supervision.
Operations and flight schedules are not affected, the company said. However, after collective bargaining failed, the pilots at SAS went on strike, which meant that half of the flights had to be cancelled. According to SAS, 30,000 passengers are affected every day.
“In the past few months we have worked hard to improve our cost structure and strengthen our financial position. We are making progress, but there is still a lot to be done and the ongoing strike has exacerbated the already difficult situation,” said company boss Anko van der Werff, according to the statement. He called for an end to the strike.
SAS announced an austerity program earlier this year. According to the company, it assumes that it will be able to meet its obligations from ongoing business in the near future. The airline’s cash on hand as of June 30 was SEK 7.8 billion (EUR 724 million). Discussions were also being held with several potential lenders.