SAS has squandered its share holder funds, and more, but keep on going

Scandinavian Airline Systems divulged today that its its share owner value at the end of the quarter were -65 million Skr and the company is technically bust.
That explains why it didn't take up the loan offer from the Norwegian government that demanded a ownership ratio of 8%.The swedish and danish loans can then neither been seen as normal business loans since they where given to a company with in reality no share holder funds whatsoever.

65 million Skr might not be such a large sum for an airline, but normally one would adjust sample the Goodwill account to see too that one at least was on the postive side with shareholder funds. Have the company maximized the crisis for the purpose of gaining political momentum for their bailouts, to such an extent they are in legally murky waters.

Even though they are going for a crisis issue of new shares it doesn't change the fact that in the meantime the company is being run for the creditors money. Is this the new normal. As long as you have cash to pay the daily bills you keep on going until the auditors refuse to sign the accounts. Since there is little or no personal penalties for going bust owing serious money.

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