The Associated Press is reporting that Scandinavian airline group SAS AB, which has a nearly 11 percent stake in Spanair, says it will have to write down $250 million after the Spanish carrier filed for bankruptcy.
In the statement, the Stockholm-headquartered group says that thanks to preparation, the write-downs—linked to outstanding debt as well as guarantees and shutdown costs of Spanair—will have only a limited effect on SAS' business. The write-down will be booked as a one-time cost.
SAS says that before nonrecurring costs, it still expects to record a profit for the full year 2011.
