All SAS articles – Page 5
-
NewsSAS expects SKr9.5bn equity raise to slip to end-January
Scandinavia’s SAS expects to commence its crucial SKr9.5 billion ($907 million) equity raise around the end of January, after the schedule for its ‘SAS Forward’ restructuring programme slipped. The airline is re-organising under US Chapter 11 protection and expects to exit the process in the second half of next year, ...
-
NewsSAS progresses with restructuring but full-year losses remain heavy
Scandinavian operator SAS is aiming to complete its court-supervised restructuring process in the second half of next year, as it releases its first full-year figures since entering US Chapter 11 protection. Its Chapter 11 process is intended to enable the airline to progress with its extensive ‘SAS Forward’ restructuring programme. ...
-
NewsSAS to open JFK link to complement Newark operation
Scandinavian operator SAS is to open a new connection to New York JFK, from its hub in the Danish capital Copenhagen. The Star Alliance carrier – which is currently restructuring under US Chapter 11 protection – says the route will open early next year. SAS will serve the sector five-times ...
-
NewsSAS renegotiates leases with Bocomm on a batch of long-haul aircraft
Scandinavian carrier SAS’s restructuring of leasing agreements has advanced further with renegotiated terms covering another lessor. The latest agreement, reached as part of SAS’s US Chapter 11 re-organisation, covers three long-haul aircraft. SAS has concluded the deal with Bocomm, it states. Filings with the US bankruptcy court on 15 November ...
-
NewsSAS seals renegotiated fleet leases with more lessors
Scandinavian operator SAS has secured additional agreements with lessors to change the terms of lease contracts as part of its restructuring programme. SAS is operating under US Chapter 11 bankruptcy protection, and the court is overseeing progress with the carrier’s ‘SAS Forward’ re-organisation initiative. The restructuring crucially requires amendments to ...
-
Airline BusinessEuropean airline summer fades with clouds still on supply and demand horizon
After a summer in which travel demand was everything European carriers could have dreamt of, accompanied by nightmare operational challenges, attention is turning to what extent both trends might reappear next year
-
NewsSAS secures new leasing terms for 36 aircraft
Ten lessors have agreed to amend the lease terms of 36 aircraft within the fleet of Scandinavian carrier SAS, as part of the airline’s efforts to restructure. Leasing arrangements have been a particular focus of the ‘SAS Forward’ restructuring plan drawn up by the carrier, which is under US Chapter ...
-
NewsSAS lays out financial forecast with return to profit in 2024
Scandinavian carrier SAS is expecting full-year adjusted pre-tax losses of SKr8 billion ($720 million) for 2021-22, and a further SKr4-5 billion loss for 2022-23. But it is forecasting a pre-tax profit the following year, 2023-24, and expects this to reach SKr3-4 billion in fiscal 2025-26. SAS believes revenues will return ...
-
NewsSAS seeks approval for sale-and-leaseback of A320neos
Scandinavian carrier SAS is seeking court approval to proceed with a sale-and-leaseback transaction covering six Airbus A320neo jets to be delivered before the end of this year. The aircraft are the subject of a provisional agreement with Griffin Global Asset Management. SAS is progressing with a fleet re-organisation, under US ...
-
NewsSAS obtains court approval for bridge financing
Scandinavia’s SAS has obtained court approval for the $700 million bridge financing agreed with funding firm Apollo Global Management. SAS, which is restructuring under US Chapter 11 protection, had disclosed on 14 August that it had secured the provision agreement for debtor-in-possession financing. The company says the court approval for ...
-
NewsSAS seek court approval of ‘essential’ pilot labour and restructuring support deals
Scandinavian operator SAS is seeking court authorisation to enter the new collective labour agreements it reached with pilots following cockpit crews’ industrial action. SAS filed for US Chapter 11 protection on 5 July, the day after a pilot strike started, and reached an agreement with four crew unions which ended ...
-
NewsSAS seeks to shed A350s and A330s as part of fleet-restructuring plan
Two Airbus A350-900s and three A330-300s are among 10 additional aircraft that SAS is seeking to shed from its fleet, as part of a restructuring under US Chapter 11 protection. The company has submitted a 3 September court filing aiming to reject 10 leased aircraft – including five twin-aisle and ...
-
NewsSAS partly blames pilot strike as third-quarter loss nears SKr2bn
Scandinavian operator SAS has turned in a near-SKr2 billion ($187 million) pre-tax loss for the third quarter, covering the initial summer period, partly attributed to a two-week pilot strike. Pre-tax losses for the nine months to 31 July totalled more than SKr6.1 billion for the company, which has been under ...
-
NewsSAS unsecured creditors to study Apollo bridge-funding proposal
Representatives of SAS’s unsecured creditors are studying the bridge funding proposal from financing firm Apollo, which is intended to support the carrier’s restructuring under Chapter 11 protection. The official committee of unsecured creditors says it is focused on ensuring that proposed financing terms are “fair” and do not unfairly prejudice ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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” ...