Scandinavian operator SAS has secured additional agreements with lessors to change the terms of lease contracts as part of its restructuring programme.

SAS is operating under US Chapter 11 bankruptcy protection, and the court is overseeing progress with the carrier’s ‘SAS Forward’ re-organisation initiative.

The restructuring crucially requires amendments to the airline’s fleets and renegotiation of leases.

SAS had previously reached agreements with 10 lessors, but has successfully concluded new arrangements with lessors SMBC and Carlyle.

The airline says the overall amendments with the 12 lessors cover 43 aircraft. “This constitutes an important step in reconfiguring the fleet,” it adds.

SAS says the most recent agreements, which centre on single-aisle aircraft, put the airline “well on track” to achieve its target of cutting aircraft lease and capital costs by SKr850 million-1 billion ($77-91 million).

“We are grateful to our lessors for working constructively with us in making important progress in our Chapter 11 process,” says chief executive Anko van der Werff.

“We will continue to take necessary action and pursue additional lease amendments, in order to proceed with our transformation journey.”


Source: SAS