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SAS says pilots strike a risk to its survival

STORY: SAS said on Thursday (July 14) a pilot strike threatened its ability to access bridge financing - without which it might have to radically downsize or could even collapse.

SAS and unions were locked in more talks to end the strike, now in its 11th day at the peak of the holiday season.

Most pilots are striking over conditions related to the Scandinavian carrier's rescue plan.

SAS said in a statement that threatened its ability to raise near and long-term capital for the reorganisation.

And that it would have to consider selling valuable strategic assets, and also, quote, 'radically downsizing' SAS's operations and fleet.

The parties resumed collective bargaining talks on Wednesday (July 13) after negotiations broke down on July 4.

The carrier, whose main owners are the governments of Sweden and Denmark, cancelled 201 flights on Thursday, or 64% of those scheduled, according to FlightAware.

Long-struggling SAS, which needs to slash costs and attract new investors to survive, filed for U.S. bankruptcy protection last week.

The airline said the strike so far had cost it as much as $123 million.

It has warned its limited cash reserves will erode quickly if it goes on.