All SAS articles
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NewsSAS lays out financial forecast with return to profit in 2024
Scandinavian carrier SAS is expecting full-year adjusted pre-tax losses of SKr8 billion ($720 million) for 2021-22, and a further SKr4-5 billion loss for 2022-23. But it is forecasting a pre-tax profit the following year, 2023-24, and expects this to reach SKr3-4 billion in fiscal 2025-26. SAS believes revenues will return ...
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SAS seeks approval for sale-and-leaseback of A320neos
Scandinavian carrier SAS is seeking court approval to proceed with a sale-and-leaseback transaction covering six Airbus A320neo jets to be delivered before the end of this year. The aircraft are the subject of a provisional agreement with Griffin Global Asset Management. SAS is progressing with a fleet re-organisation, under US ...
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SAS obtains court approval for bridge financing
Scandinavia’s SAS has obtained court approval for the $700 million bridge financing agreed with funding firm Apollo Global Management. SAS, which is restructuring under US Chapter 11 protection, had disclosed on 14 August that it had secured the provision agreement for debtor-in-possession financing. The company says the court approval for ...
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SAS seek court approval of ‘essential’ pilot labour and restructuring support deals
Scandinavian operator SAS is seeking court authorisation to enter the new collective labour agreements it reached with pilots following cockpit crews’ industrial action. SAS filed for US Chapter 11 protection on 5 July, the day after a pilot strike started, and reached an agreement with four crew unions which ended ...
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SAS seeks to shed A350s and A330s as part of fleet-restructuring plan
Two Airbus A350-900s and three A330-300s are among 10 additional aircraft that SAS is seeking to shed from its fleet, as part of a restructuring under US Chapter 11 protection. The company has submitted a 3 September court filing aiming to reject 10 leased aircraft – including five twin-aisle and ...
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SAS partly blames pilot strike as third-quarter loss nears SKr2bn
Scandinavian operator SAS has turned in a near-SKr2 billion ($187 million) pre-tax loss for the third quarter, covering the initial summer period, partly attributed to a two-week pilot strike. Pre-tax losses for the nine months to 31 July totalled more than SKr6.1 billion for the company, which has been under ...
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SAS unsecured creditors to study Apollo bridge-funding proposal
Representatives of SAS’s unsecured creditors are studying the bridge funding proposal from financing firm Apollo, which is intended to support the carrier’s restructuring under Chapter 11 protection. The official committee of unsecured creditors says it is focused on ensuring that proposed financing terms are “fair” and do not unfairly prejudice ...
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SAS secures $700m bridge financing for Chapter 11 restructuring
Scandinavian operator SAS has reached a bridge financing agreement for $700 million, as part of its restructuring programme, sourcing funds through Apollo Global Management. The debtor-in-possession credit agreement – plus the company’s own revenue streams – will be used to meet obligations as SAS continues its ‘SAS Forward’ re-organisation scheme ...
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SAS strike carves into summer passenger numbers
Scandinavian carrier SAS was forced to cut capacity by 23% in July, compared with the previous month, as a result of the two-week pilot strike. Passenger numbers for the airline were down by almost a third against June’s figures after 3,700 services were cancelled during the 15-day walkout. But changes ...
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SAS submitting preliminary financial details to US bankruptcy court
Scandinavian operator SAS is filing statements of its financial affairs, as well as documentation covering assets and liabilities, with a US bankruptcy court. The company had sought to extend a deadline for the filing – from 19 July to 2 August – after experiencing a strain on its resources resulting ...
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SAS seeks court authorisation to proceed with new Airbus delivery
SAS is seeking authorisation to continue with aircraft deliveries with a filing to a US bankruptcy court setting out justification for the acquisition. The Scandinavian operator has been under US Chapter 11 bankruptcy protection since 5 July. Airbus is due to deliver an A320neo – MSN10937 – to the carrier ...
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SAS seeks time to gather Chapter 11 financial data after strike strains resources
Scandinavian operator SAS has sought additional time to gather and submit details of its financial affairs for US Chapter 11 proceedings, citing the stretching of its resources during the recent pilots’ strike. SAS and 13 affiliate and subsidiary companies filed for Chapter 11 protection on 5 July, the day after ...
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SAS ends two-week pilot strike with breakthrough agreement
Scandinavian carrier SAS has reached an agreement with its pilots which will end a two-week strike by cockpit crews. The five-and-a-half year collective bargaining deal, covering all four SAS pilot unions, followed a renewed period of mediation after pilots commenced industrial action on 4 July. SAS says the agreements “imply” ...
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Strike-hit SAS warns it could be forced into ‘radical’ downsizing
SAS is estimating the cost of the pilots’ strike at SKr1-1.3 billion ($94-123 million) over the first 10 days, and warns that it could be forced to resort to selling assets and cutting back its operations. The company – which has filed for US Chapter 11 protection – has been ...
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SAS secures court approval to continue operating under Chapter 11
Scandinavian carrier SAS has obtained court approval to continue operating as normal, following its filing for US Chapter 11 protection. The company has been granted clearance to continue operating as an airline, pay employees’ wages, suppliers’ fees, and taxes, and honour customer programmes including its EuroBonus loyalty scheme. SAS had ...
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SAS’s largest creditors include state bondholders and loan providers
Initial US Chapter 11 filings from Scandinavian carrier SAS show that government loans and hybrid bonds make up the most significant unsecured creditor claims against the company. Just under $600 million in state hybrid bonds, plus another $161 million in commercial hybrid bonds, are listed with Intertrust Group which acts ...
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SAS Chapter 11 filing 'accelerated' to protect company: chief executive
SAS chief executive Anko van der Werff insists the pilot strike affecting the company did not directly trigger its US Chapter 11 filing, but has accelerated the decision to seek court protection. The board made the decision on 5 July to proceed with the filing, the day after SAS pilots ...
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SAS files for US Chapter 11 protection to push through restructuring
Scandinavian operator SAS has voluntarily filed for US Chapter 11 bankruptcy protection, as part of its efforts to push through a comprehensive restructuring of its business. Through the court-supervised process it aims to reach agreements with its main stakeholders, restructure its debts and reconfigure its aircraft fleet. It expects the ...
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SAS warns 'reckless' pilots' strike threatens carrier's survival
SAS is warning that industrial action by pilots is reckless and threatens the survival of the company, after it failed to avert a strike by cockpit crews. Efforts at mediation had twice deferred a strike notice, pushing it back from 29 June until 4 July. But SAS says the members ...
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SAS gains more negotiating time as pilots push back strike again
Mediators have obtained a further postponement of threatened industrial action by SAS pilots, at least until 4 July. The planned strike by cockpit crew for the Scandinavian carrier was originally scheduled to commence on 29 June. It was deferred by three days, to 2 July, after the two sides agreed ...
