All SAS articles – Page 2
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News
SAS revises revenue and profit projections as it nears Chapter 11 exit
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.
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News
SAS to open transatlantic service to SkyTeam hub Atlanta
Star Alliance carrier SAS is to open a new transatlantic service to Atlanta, a key hub for rival alliance SkyTeam which the airline is set to join. It will start serving Atlanta from Copenhagen on 17 June. The carrier’s reservations system indicates it will use Airbus A330-300s on the route. ...
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News
SAS to reduce ‘complex’ mainline wet-leasing arrangements next year
SAS is looking to cut back on the number of wet-lease agreements it has entered, in order to simplify its operation as it emerges from US Chapter 11 protection. The airline’s full-year financials show that wet-lease expenditure increased substantially, to SKr2.6 billion ($250 million), compared with pre-crisis figures of around ...
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News
Improved 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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News
US 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 Business
Can 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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News
SAS 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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News
Air 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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News
Restructuring 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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News
SAS 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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Podcast
Airline 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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News
SAS 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 Business
European 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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News
Air 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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News
SAS 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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News
SAS 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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News
SAS 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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News
SAS 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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News
SAS 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 Business
Airline 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