SAS management have sold the company out under the shareholders for next to nothing, or even less
SAS went out to 200 potential investors and all but a small handfull turned them down. They where eventually grouped into 2 constellations and the one chosen consisted of one airline with no money and pretty much no profit plus a couple of financiers offering loans on bad terms. One day it could come out that the only ones ponying up actual cash for refinancing SAS is the danish state, that was investing no matter who else was in the buying group. That percentage of the upfront cash should leave the danes feeling very shortchanged when it comes to what they get in percentage of ownership. The problems with the consortium chosen came to the surface pretty much on day 1 when they wanted 3 million to flow the wrong way for SAS. Anybody that asks for 3 million to consider coffing up 5 billion is as unserious as it gets. The actual buying airline Air France KLM comes up with no cash and the rest of the winning bidders group are just loan givers on generous terms for themselves. Obviously