UPDATE Oct 5 – In an update of its Chapter 11 restructuring and financial outlook, SAS Scandinavian Airlines says it expects to return to reach an operating profit in its financial year 2024 and become net-debt free in 2026. Revenues should…
The 15-day pilot strike in July has cost Scandinavian airline SAS some SEK 1.4 billion ($135 million). It erased most earnings from the higher demand and higher revenues that SAS saw in the third quarter (May-July) of FY22. The carrier continues…
SAS has entered a debtor-in-possession (DIP) credit agreement of $700 million/SEK 7.0 billion with Apollo Global Management. The arrangement will be used as bridge funding while the Scandinavian airline starts its restructuring plans under Chapter 11 bankruptcy protection. SAS secures…
After a fifteen-day pilot strike that caught out thousands of passengers, SAS and the pilot unions have reached an agreement on new collective bargaining agreements. This means that the pilot strike, which started on July 4 by some 900 pilots…
Scandinavian carrier SAS warns that it will have to radically downsize its operations and fleet, and even sell strategic assets if the pilot strike continues much longer. The strike, which started on July 4, has already cost the airline some SEK…
UPDATE – SAS is seeking to raise at least SEK 9.5 billion in new equity capital and convert SEK 20 billion in debt and bonds into common shares as part of its FORWARD transformation plan. The capital raise was announced…