SAS is taking steps as part of SAS FORWARD, its comprehensive business transformation plan that was launched to enable the Company to continue to be a competitive player in the global airline industry.
Accelerating SAS’ Comprehensive Business Transformation Plan
On July 5, 2022, SAS initiated a court-supervised process in the United States by voluntarily filing for chapter 11. This process will provide SAS with legal tools to strengthen our financial position and accelerate our work with key elements of SAS FORWARD, while allowing us to continue running our airline.
The chapter 11 process is a legal process conducted under the supervision of the U.S. federal court system, which many large international airlines based outside of the U.S. have successfully used over the years to reduce their costs and complete financial restructurings.
Operating As Usual
SAS’ operations and flight schedule are unaffected by the chapter 11 filing, and SAS will continue to serve its customers as normal. Importantly, we expect to have sufficient liquidity to support our business and meet our obligations going forward. SAS has obtained a commitment for USD 700 million in Debtor-in-Possession (DIP) financing which provides SAS with a strong financial position to fund our operations throughout our restructuring process in the U.S. The DIP financing is subject to court approval in the U.S.
- Your current bookings remain in effect and you will be notified as usual if there are any changes to our scheduled departures.
- You can continue to book flights online at flySAS.com or through SAS’ mobile app without service disruption. Reservations and all other customer services and systems will continue as they have been.
- You can continue using tickets, vouchers and gift cards purchased before SAS initiated this process.
- We will honor all EuroBonus services and benefits, and you will be able to continue accruing and redeeming points earned through EuroBonus to purchase tickets with SAS during this process.
- We will continue to issue ticket refunds and honor travel coupons and payments or credits associated with baggage or service claims in adherence with our current policies.
For Suppliers / Business Partners:
- We will pay vendors and suppliers in full on normal terms for goods and services provided on or after the chapter 11 filing date.
- We are relying on the cooperation of all of our suppliers and business partners so we can drive our mutual success.
- You will continue receiving pay and benefits as normal.
- The chapter 11 process has no impact on your day-to-day responsibilities.
We expect to complete this court-supervised process in the U.S. in 9-12 months and will continue to provide updates as we make progress.
- SAS initiates court-supervised process in the United States by a Chapter 11 filing to implement key elements of SAS FORWARD Plan and will continue to serve its customers throughout the process
- SAS files Statements of Financial Affairs (SOFA) and Schedules of Assets and Liabilities (SOAL) with U.S. Court and announces certain financial information for the Group
- SAS Secures USD 700 Million in Debtor-in-Possession Financing
Court filings and other documents related to the chapter 11 process in the U.S. are available on a separate website administered by SAS’ claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/SAS. Information is also available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450 (International), as well as by email at SASInfo@ra.kroll.com.
Vice President Investor Relations, SAS
+46 70 997 0493
SAS Press Office
+46 8 797 2944