Scandinavian carrier SAS’s latest version of its restructuring plan projects that it will achieve revenues of SKr48.1 billion ($4.6 billion) in the current fiscal year, and a net loss of SKr882 million.
The airline, which is re-organising under US Chapter 11 protection, also forecasts a net profit of nearly SKr4 billion in fiscal 2024-25 on revenues of SKr54 billion.
SAS’s projections are contained in an updated filing to the bankruptcy court overseeing its Chapter 11 process.
The carrier is aiming to secure approval of the disclosure statement in February and the Chapter 11 plan in the first quarter of this year – although it adds that both remain subject to further amendment.
SAS is to be recapitalised by an investment consortium which will provide $475 million in new equity and $725 million in secured convertible debt.
The consortium includes financing company Castlelake, as well as Air France-KLM Group, the Danish government, and Lind Invest.
As part of the restructuring, SAS has overhauled its fleet and plans to emerge from Chapter 11 with around 139 aircraft – of which 25 are owned and 79 will be under financing arrangements, with another 35 wet-leased from third parties.
This fleet will primarily comprise Airbus single-aisle aircraft, with a number of Embraer E-Jets, and a mix of A330s and A350s for long-haul operations, while wet-leased aircraft include Bombardier CRJ900s and ATR turboprops.
SAS operated around 300 routes in fiscal 2019, just prior to the pandemic, and the court filing states that the carrier operated some 285 routes in fiscal 2023, covering about 125 destinations.
