Scandinavian airline SAS agrees restructuring deal with 7 of 8 unions

Scandinavia's flagship airline SAS has taken a big step toward avoiding bankruptcy after concluding deals with most of its pilot and cabin crew unions.

The troubled carrier has until Monday to convince unions of the need to cut jobs, salaries and pensions as part of a restructuring deal with creditors that will keep the airline — half-owned by the Swedish, Danish and Norwegian governments — afloat.

SAS said Monday in a statement that seven out of eight unions signed agreements with SAS management. It did not specify which union was holding out but stressed that talks will continue.

In recent years SAS has been pinched by competition from regional discount carriers. It aims to reduce staff from 15,000 to 9,000 as part of the restructuring plan.