All SAS articles – Page 6
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NewsSAS 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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NewsSAS 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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NewsSAS 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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NewsSAS 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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NewsSAS 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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NewsSAS 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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NewsStrike-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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NewsSAS 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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NewsSAS’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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NewsSAS 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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NewsSAS 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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NewsSAS 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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NewsSAS 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 ...
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NewsSAS pilot strike postponed but not averted as talks deadline extends
Negotiators attempting to avert a pilot strike at Scandinavia’s SAS have obtained a three-day window to conduct further talks. Cockpit crews had been scheduled to commence industrial action on 29 June. But mediators have requested that the various sides in the dispute continue their talks for another 72h, and the ...
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NewsNorwegian government prepared to back short-term SAS debt-to-equity swap
Norway’s government is not prepared to put any new capital into Scandinavian carrier SAS, but is prepared to consider converting outstanding debt into shares. But the government will “not be a long-term owner” of the company, insists the Norwegian trade ministry. The government had previously been a part-owner of SAS ...
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NewsSAS braces for schedule disruption as pilots threaten industrial action
Scandinavian carrier SAS is bracing for a potential cockpit crew strike across its three main operating states within days. The airline has been negotiating with various parties to secure support for its ‘SAS Forward’ restructuring plan. SAS says industrial action by pilots – about which it has received notification from ...
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NewsAir Baltic chief calls on OEMs to resolve parts shortages that are grounding A220s
Air Baltic chief executive Martin Gauss has called on engine and aircraft manufacturers to find solutions to the supply-chain issues that are continuing to ground the carrier’s Airbus A220s for prolonged periods during maintenance.
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NewsDanish government could raise stake in SAS as it backs transformation plan
Denmark’s government has agreed to support Scandinavian carrier SAS through a debt-to-equity conversion, but has also signalled it will invest new capital into the struggling airline and potentially raise its shareholding. The Danish finance ministry says the government will support the ‘SAS Forward’ restructuring programme for the carrier, following a ...
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NewsSweden to convert SAS debt but refrains from injecting new capital
Sweden’s government is proposing that it be authorised to enter a debt-to-equity swap to provide financial assistance to flag-carrier SAS. But it will not supply fresh capital to the struggling airline. Swedish trade and industry minister Karl-Petter Thorwaldsson disclosed the proposal on 7 June. It would require the legislature to ...
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NewsSAS seeks widebody fleet relief from lessors as Asian routes stay closed
Scandinavian operator SAS has stressed that it needs to relieve the financial pressure from its long-haul fleet, owing to limitations in its ability to operate to Asian destinations. Chief executive Anko van der Werff, speaking during a second-quarter briefing, said the airline had “too many” widebody aircraft. He says SAS ...