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OSLO, June 7 (Reuters)Sweden’s Industry Minister Karl-Petter Thorwaldsson will hold a news conference on Tuesday about a financial restructuring plan for Scandinavian airline SAS SAS.ST, the ministry said in a statement.

The loss-making carrier, part-owned by Sweden and Denmark, has been struggling for years. Last week it said it had not made sufficient progress on its restructuring plan, known as SAS Forward.

Stockholm-based SAS said on May 31 that it hoped to convert debt to equity and raise 9.5 billion Swedish crowns ($970 million) in new cash, warning of liquidity problems if it falls short.

The Swedish and Danish governments are the largest owners of SAS, each holding 21.8% of the shares, but have yet to say how they will respond to the restructuring plan.

($1=9.7975 Swedish crowns)

(Reporting by Terje Solsvik; Editing by Clarence Fernandez and Shailesh Kuber)

((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters Messaging: terje.solsvik.thomsonreuters.com@reuters.net))

Source: Nasdaq

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