"Moments of truth"?
Those were happy times...
Carlzon's vision was the right one durint the 1980s and I agree with you that "those were happy times" during the 1980s with a clear strategy. BTW it is a very nice book to read about the "Moments of truth" at SAS.
Newest about SAS:
Scandinavian Airlines reached major agreements with unions. This archievement dramatically improves the chance of SAS to avoid bankruptcy. Despite several sources it seems that SAS cancelled only a few flights this morning (not above average!). The airline battles with huge problems to reach the goal to have enough cash-flow to continue their ops. The overall staff will be reduced by 6,000 from the 15,000 currently employed people. The new agreements will take effect on December 1st, 2012 and includes a number of changes including a raise of the retirement-age to 65 years. SAS seems to operate as scheduled.
As far as I am concerned there is no "Chapter 11" like in the USA here in Europe. So a company that runs out of money is not able to flee under the umbrella of Chapter 11.