All SAS articles – Page 3
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NewsImproved SAS commercial performance 'cloaked' by fuel and currency effects
Scandinavian carrier SAS has turned in a full-year operating loss of SKr2.7 billion ($260 million) and net loss of SKr5.7 billion, as it enters the final stages of its restructuring programme under US Chapter 11 protection. Revenues for the year reached SKr42 billion, as passenger numbers rose by one-third to ...
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NewsUS Court approves SAS’ investment agreement with Castlelake consortium
A US court has approved Scandinavian operator SAS’ entry into a formal investment agreement with Castlelake, Air France-KLM, the Danish government and financing company Lind Invest.
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Airline BusinessCan European airline group consolidation aims come to fruition?
Consolidation is very much in the air for the three big European airline groups, all of whom are in the process of trying to get acquisitions done and with the prospect of a move for TAP Air Portugal still in the offing.
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NewsSAS to replace debtor-in-possession finance pact as it enters investment agreement
Scandinavian operator SAS has entered a formal investment agreement with a Castlelake and Air France-KLM consortium, and will replace its debtor-in-possession financing from Apollo with a new arrangement with Castlelake. SAS is under US Chapter 11 bankruptcy protection and restructuring through implementation of its ‘SAS Forward’ programme. As part of ...
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NewsAir France-KLM foresees ‘biggest benefits’ from SAS joining transatlantic JV
Air France-KLM sees SAS’s eventual membership of its transatlantic joint venture as the “biggest benefit” from its investment in the carrier, arguing that the Scandinavian operator has been “held back” from from fully capitalising on its strengths.
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NewsRestructuring SAS to enter codeshare with Abu Dhabi’s Etihad Airways
Scandinavian operator SAS is entering a codeshare agreement with Middle Eastern carrier Etihad Airways, following Etihad’s opening of a Copenhagen route. The codeshare will take full effect from the end of December. SAS is undergoing a corporate restructuring, known as ‘SAS Forward’, and is currently under US Chapter 11 bankruptcy ...
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NewsSAS agrees sale-and-lease of A320neo pair and looks to retain A330
Scandinavian operator SAS is intending to enter a sale-and-leaseback agreement covering a pair of Airbus A320neo twinjets. The airline is under US Chapter 11 protection as it implements a restructuring process, known as ‘SAS Forward’, of which the fleet re-organisation is a key part. It has set out details of ...
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PodcastAirline Business Podcast: SAS stakes, sustainability and sweet spots
Graham and Lewis discuss the latest consolidation moves in Europe, as Air France-KLM announces plans to take a minority stake in SAS.
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NewsSAS and financer Apollo clash over rescue consortium’s expense-repayment deadline
SAS has obtained a favourable court ruling to shorten a notice period for a hearing on repayment of expenses, in relation to its recent equity-solicitation process, despite objections from a key financial participant in the carrier’s restructuring.
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Airline BusinessEuropean consolidation wave spreads north with Air France-KLM move for SAS
Consolidation within Europe post-pandemic has largely focused on opportunities for the big three airline groups to bolster their presence in the south of the continent.
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NewsAir France-KLM has potential avenue to becoming controlling SAS shareholder
While Air France-KLM Group would initially have a non-controlling stake in Scandinavia’s SAS, the company has indicated that the investment agreement includes a potential avenue to becoming a controlling shareholder. Air France-KLM’s emergence as a participant in the investment consortium for SAS underlines its strategy to help drive consolidation, and ...
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NewsSAS to leave Star for SkyTeam after picking Air France-KLM and Castlelake as investors
Scandinavian carrier SAS has identified Air France-KLM, and financial firms Castlelake and Lind Invest – along with the Danish government – as participants in the successful consortium to provide investment under the company’s equity solicitation process. SAS will eventually become a member of the SkyTeam alliance, leaving its position in ...
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NewsSAS drops Wideroe as handling partner at several Norwegian airports
SAS is dropping regional operator Wideroe’s ground-handling arm from serving the Scandinavian carrier at several Norwegian airports. Wideroe says contracts for six of the 12 airports at which it provides ground services to SAS will be lost from February next year. But these six airports – Trondheim, Stavanger, Bodo, Haugesund, ...
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NewsSAS pushes back equity-solicitation deadline
Scandinavian carrier SAS is extending by a few days the timeline for potential participants in its equity solicitation process. The new closing date for submission of final bids is 25 September – a delay of one week. SAS had already previously extended the timeframe, pushing it back by a month. ...
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NewsSAS introducing batch of leased E195s from Azorra
Scandinavian carrier SAS is leasing a batch of Embraer 195 regional jets from Florida-based lessor Azorra Aviation. SAS is undergoing a restructuring programme – known as ‘SAS Forward’ – while under US Chapter 11 bankruptcy protection. Among the various aspects of this programme is an overhaul of the airline’s fleet ...
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NewsSAS recruits Seabury restructuring specialist as transformation officer
Scandinavian carrier SAS has named strategy and restructuring specialist Ginger Hughes as the company’s new chief transformation officer. SAS filed for US Chapter 11 bankruptcy protection in July last year, in order to undertake its ‘SAS Forward’ restructuring programme. Hughes was previously a senior manager at advisory firm Seabury Group ...
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Airline BusinessAirline Business performance tracker: Europe Q2 2023
Key data from the most-recent European earnings period – the April-June 2023 quarter – and the equivalent periods stretching back to the last pre-Covid year, powered by Airline Business Insight
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NewsRestructuring SAS achieves first profitable quarter in four years
SAS has turned in its first profitable quarter for four years, with a third-quarter pre-tax surplus of SKr457 million ($41.6 million). It also generated a net profit of SKr461 million for the period, the three months to 31 July 2023, as revenues reached SKr13.2 billion. SAS chief executive Anko van ...
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NewsSAS cleared to sell engineless A321s to US trading firm
Scandinavian carrier SAS has been cleared to proceed with selling a batch of engineless Airbus A321s, for eventual part-out, to a US entity called Spectre Air Capital. SAS is undergoing a corporate restructuring – known as SAS Forward – through a US Chapter 11 bankruptcy process. Spectre had been one ...
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NewsSwedish consortium to ground test Heart ES-30
Sweden’s Vinnova innovation agency has awarded a consortium led by Heart Aerospace almost SKr20 million ($1.8 million) to build and ground test a full-scale demonstrator of the developer’s hybrid-electric ES-30 regional aircraft.