SAS files for chapter 11
To proceed with the implementation of key elements of its business transformation plan called "SAS Forward", SAS and certain of its subsidiaries have voluntarily filed for chapter 11 in USA, a legal process for financial restructuring conducted under US federal court supervision.
The operations and flight schedule of the Scandinavian airline group will not be affected, and SAS affirms that it will continue to serve its customers as normal, although the strike by SAS Scandinavia pilots’ unions will impact the flight schedule.
These steps are consistent with SAS’ announcement on 31 May 2022, that SAS Forward involves complex multiparty negotiations and that the company might seek to utilise one or more court restructuring proceedings designed to assist in the resolution of SAS’ financial difficulties and help accelerate the implementation of its transformation plan. (ah)