PRESS RELEASES

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2023 to November 30, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

Skellefteå City Airport becomes the first individual airport in Sweden to join the SAS Corporate Sustainability Program. This means that the airport will purchase environmentally friendly aviation fuel for all its business trips with SAS during 2023/2024.

To accommodate the rising demand for travel to the USA and Asia, SAS is expanding its flight offerings and increasing capacity in the summer traffic program.

Shareholders in SAS AB (publ) (hereinafter “SAS” or the “Company”) are hereby invited to attend the Extraordinary General Meeting on Wednesday 10 January 2024. The Extraordinary General Meeting will be held at 2:00 p.m. at the Company’s Head Office, Frösundaviks allé 1, Solna, Sweden. The meeting venue will open at 1:00 p.m. for registration. Registration of participants at the meeting ends when the meeting is called to order.

The Board has decided that the shareholders shall also be able to exercise their voting rights at the Extraordinary General Meeting by postal voting in accordance with the Company’s Articles of Association.

1.8 million passengers traveled with SAS during November

I am pleased to conclude a busy year for SAS. Some 6.8 million passengers traveled with SAS in the fourth quarter, which means that, in total, some 23.7 million passengers traveled with SAS during the full fiscal year 2022/2023. This represents a passenger volume increase of 18 percent for the fourth quarter, and a 33 percent year-on-year increase for the full fiscal year. This is a clear confirmation of passengers continuing to return to SAS, and that our ramp-up efforts throughout the year have been successful. We are also proud to have achieved a five-star rating from our customers in the 2023 APEX Awards.

We are making steady progress in our Chapter 11 process in the US and in reaching our overall targets in the SAS FORWARD plan with one major milestone reached during the quarter. On October 3, SAS announced that Castlelake, Air France-KLM and Lind Invest, together with the Danish state, had been selected as the winning bidder consortium in SAS' exit financing solicitation process. We entered an investment agreement with the bidding consortium shortly after the end of the quarter. The agreement includes a total investment in the reorganized SAS corresponding to approximately SEK 13.2 billion, including approximately SEK 5.2 billion in new unlisted equity and approximately SEK 8 billion in secured convertible debt. The investment comprises a key step in our SAS FORWARD plan, and confirms that our new investors believe in SAS and our potential to remain at the forefront of the airline industry for years to come.

We currently target receiving approval of the Chapter 11 plan from the US court in early 2024, to be followed by obtaining regulatory approvals and the implementation of a Swedish company reorganization at the SAS AB level (likely to be filed by SAS AB in 2024). As a result of that process, all of SAS AB’s common shares and listed commercial hybrid bonds are expected to be cancelled, redeemed and delisted (currently expected to take place during the second quarter of 2024). Consequently, there is no expected value for existing shareholders in SAS AB and only a modest recovery is expected for the holders of commercial hybrid bonds. SAS expects that its operations will be unaffected by such legal proceedings and that it will continue to serve its customers as normal.

The European Commission has today issued a new decision declaring the Kingdom of Denmark’s and the Kingdom of Sweden’s (collectively, the “States”) participation in the 2020 recapitalization of SAS as compatible State aid under the relevant EU rules, subject to the introduction of a “step-up mechanism” for the States’ share investments, as further described below. The contemplated step-up mechanism requires approval by the general meeting of shareholders in SAS AB (the “Company”), which is to be summoned in short order.

In January 2024, SAS will launch EuroBonus Conscious Traveler, a new reward program enabling EuroBonus members to make conscious choices when traveling with SAS – and get rewarded for it.

Executive Vice President and Chief of Staff, Carina Malmgren Heander has decided to retire from her position at SAS. Carina Malmgren Heander will officially step down from her role on February 1, 2024. However, she will continue to serve as a senior advisor to CEO Anko van der Werff until summer 2024, ensuring a smooth transition. 

SAS will publish the interim report for the fourth quarter of the fiscal year 2023 on Thursday, November 30, 2023, at approximately 08.00 AM CET. A teleconference and webcast for investors, analysts and media will be held at 10.00 AM CET.

SAS announces that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved SAS’ entry into the investment agreement with the winning bidder consortium in SAS’ exit financing solicitation process. The winning bidder consortium consists of Castlelake, L.P., on behalf of certain funds or affiliates (“Castlelake”), Air France-KLM S.A. and Lind Invest ApS, together with the Danish state (collectively, the “Investors”).

SAS and tour operator Apollo extends their partnership for the 2024 summer season. The option to extend is part of a framework agreement signed in 2021 and the extension is worth around SEK 1.4 billion. SAS will fly Apollo customers from around 15 locations in Sweden, Norway, and Denmark to around 20 Mediterranean destinations in Greece, Croatia, Cyprus, Bulgaria, Spain and Turkey.

2.2 million passengers traveled with SAS during October

SAS announces that it has entered into an investment agreement with the winning bidder consortium in its exit financing solicitation process, consisting of Castlelake, L.P., on behalf of certain funds or affiliates (“Castlelake”), Air France-KLM S.A. (“Air France-KLM”) and Lind Invest ApS (“Lind Invest”), together with the Danish state (collectively, the “Investors”). As part of the agreed transaction structure, SAS has also entered into a new debtor-in-possession (“DIP”) financing credit agreement for USD 500 million (SEK 5.5 billion)[1] with Castlelake (the “New DIP Financing”) to, among other things, refinance SAS’ existing DIP term loan, increase liquidity, and support SAS’ path to exit from its voluntary restructuring proceedings. The agreements are subject to review and approval by the U.S. Bankruptcy Court for the Southern District of New York (the “U.S. Court”).

SAS announces today that Charlotte Svensson, Executive Vice President and Chief Information Officer, has decided to leave the company.

SAS is expanding its services to meet growing leisure travel demand by launching a new route to Bangkok, Thailand from Copenhagen, Denmark. The inaugural flight takes place on October 30, 2023, almost 75 years after SAS' first flight between Copenhagen and Bangkok.

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to September 30, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

Bio-based aviation fuel reduces the number of ultrafine particles that are emitted from the aircraft engines, thereby improving air quality. This is one of the conclusions drawn from a large-scale international study using a SAS aircraft at Copenhagen Airport.

Star Alliance, the world’s largest airline alliance, today inaugurated its second lounge at Paris Charles de Gaulle airport. Starting October 13, it will welcome First and Business Class passengers and Star Alliance Gold status customers on member airline flights departing from gates 10 to 38 in Terminal 1. Eligible United Club and Air Canada Maple Leaf Club members may also access the lounge.

SAS AB (publ) (“SAS” or the “Company”) will defer the interest payments due October 23 and 26, 2023, respectively, on its perpetual capital securities, as part of the Company’s SAS FORWARD plan and voluntary chapter 11 process in the U.S. The deferral of interest payment is made in accordance with the terms and conditions for the respective capital securities.

Mads Brandstrup will assume the role of SVP Communications and Public Affairs at SAS, Scandinavia’s largest airline. In this role, he will work closely with CEO Anko van der Werff and oversee SAS' comprehensive communication initiatives both internally and externally. Mads Brandstrup will report directly to SAS' Executive Vice President and Chief of Staff, Carina Malmgren Heander. He will start on January 1, 2024.

2.3 million passengers traveled with SAS during September

SAS has reached a major milestone in its ongoing chapter 11 process in the U.S. and has selected Castlelake, L.P., on behalf of certain funds or affiliates (“Castlelake”), Air France-KLM S.A. (“Air France-KLM”) and Lind Invest ApS (“Lind Invest”), together with the Danish state (collectively, the “Investors”) as the winning bidder consortium in its exit financing solicitation process. The agreed transaction structure includes a total investment in the reorganized SAS corresponding to USD 1,175 million (SEK 12.925 billion[1]), including USD 475 million (SEK 5.225 billion) in new unlisted equity and USD 700 million (SEK 7.7 billion) in secured convertible debt, as well as a USD 500 million (SEK 5.5 billion) refinancing by Castlelake of SAS’ current debtor-in-possession (“DIP”) term loan. As part of the transaction, SAS is intended to eventually join the SkyTeam Alliance (“SkyTeam”), of which Air France-KLM is a founding member, and exit the Star Alliance, subject to any relevant approvals and emergence from the chapter 11 process.

The details and final documentation for the agreed transaction structure remain to be finalized between the Investors and SAS. The transaction will also need to be approved as part of SAS’ chapter 11 plan of reorganization (the “Chapter 11 Plan”). The confirmation and effectiveness of the Chapter 11 Plan remain subject to various conditions precedent, including approval by the U.S. Bankruptcy Court for the Southern District of New York (the “U.S. Court”), which will require the solicitation of votes on the Chapter 11 Plan from certain creditors, approvals from various regulatory authorities and the completion of a Swedish company reorganization (as described below). No approval is expected to be required from the existing shareholders of SAS AB for the transaction.

SAS will continue to operate and serve its customers as usual throughout the implementation of the transaction, which is likely to entail a filing by SAS AB (i.e., the listed parent company for the SAS group) for a company reorganization in Sweden (Sw. företagsrekonstruktion) (the “Swedish Reorganization”) in 2024. As a result of that process, all of SAS AB’s common shares and listed commercial hybrid bonds are expected to be cancelled, redeemed and delisted (currently expected to occur during the second quarter of 2024). Consequently, no value is expected for existing shareholders in SAS AB and only a modest recovery is expected for the holders of commercial hybrid bonds.

In parallel to the transaction, and further to its joining of SkyTeam, SAS AB will seek to establish a commercial cooperation with Air France-KLM and its airlines (subject to customary approvals), to the benefit of Scandinavian customers through increased connectivity.

SAS will hold a press conference on Tuesday October 3, 2023, at 18:00 pm CEST, to give a status update of the company’s on-going equity solicitation process. The press conference will take place at SAS’ Head Office, Frösundaviks allé 1, Solna, Sweden.

SAS AB (“SAS” or the “Company”) is running a competitive and broad equity solicitation process as part of its ongoing chapter 11 process in the U.S., with the aim of soliciting investments in the reorganized company. The deadline for potential investors to submit final bids in the equity solicitation process expired on September 25, 2023. SAS will announce the winning bidder or bidders as soon as the evaluation process has been completed.

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to August 31, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

Scandinavian Airlines (SAS) is thrilled to announce its achievement of a five-star rating in the prestigious global APEX customer ranking at the 2023 APEX Awards. Travelers from around the world have spoken, affirming SAS's dedication to delivering outstanding passenger experiences across various categories, including overall flight experience, seat comfort, cabin service, and entertainment. Presented by the esteemed non-profit membership trade organization, the Airline Passenger Experience Association (APEX), this recognition underscores SAS's commitment to excellence in aviation.

SAS’ redesigned mobile app wins Red Dot Award. This recognition is a testament to the app's design, functionality, and user experience.

SAS AB (“SAS” or the “Company”) announces that it will extend the timeline for its equity solicitation process by one week, at the request of one or more bidders. The new deadline for potential investors to submit final bids is September 25, 2023.

2.3 million passengers traveled with SAS during August

Star Alliance’s Los Angeles airport lounge has won the title of North America’s Leading Airport Lounge for the fourth year running at the World Travel Awards 2023. The award was announced at the Caribbean & The Americas Gala Ceremony held on the picturesque island of Saint Lucia on August 26, 2023.

SAS announces the appointment of Ginger Hughes as new Chief Transformation Officer (CTO) and Paul Verhagen as new Chief Commercial Officer (CCO).

I am pleased to conclude a busy summer quarter. Almost 7 million passengers traveled with SAS during the third quarter, the highest quarterly passenger figure since before the pandemic. For the first time since 2019, we also posted a quarterly profit. This is an important milestone. We still have a lot of work ahead of us with our transformation to secure long-term competitiveness, but I consider this a clear sign that we are on the right track and that our efforts are paying off. We continue our ramp-up and will increase capacity this winter, compared to the same period last year. We also noted strong ticket sales throughout the third quarter, indicating a healthy underlying demand for travel despite a more uncertain economic outlook in society as a whole.

During the quarter, air traffic control capacity issues caused considerable problems for airlines, airports and, not the least, our passengers. We know that many passengers traveling through Copenhagen Airport during the summer have been impacted and our employees have been working hard to support those affected.

We are making progress in our Chapter 11 process in the US and in reaching our overall targets in the SAS FORWARD plan. During the quarter, we started a competitive and broad equity solicitation process to secure capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process. There has been substantial interest from potential investors to participate in the process, where potential investors can place bids to take a lead position or be paired with other investors in acquiring equity interests of the reorganized company.

SAS will publish the interim report for the third quarter of the fiscal year 2023 on Friday, September 1, 2023, at approximately 08.00 AM CEST. A teleconference and webcast for investors, analysts and media will be held at 10.00 AM CEST.

2.4 million passengers traveled with SAS during July

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to June 30, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

2.4 million passengers traveled with SAS during June

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to May 31, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

· Star Alliance Los Angeles Lounge also won World’s Best Airline Alliance Lounge Award for the seventh consecutive year
· 13 member airlines claim a total of 35 top honours, including Singapore Airlines as World’s Best Airline 2023.

SAS AB (“SAS” or the “Company”) announces that it will extend the timeline for its equity solicitation process with approximately four weeks, following initial discussions with potential investors. SAS targets to complete its court-supervised process in the U.S. around year-end.

Star Alliance, the world’s first and largest global airline alliance, is pleased to announce that Theo Panagiotoulias has been chosen to become its next CEO.

The summer season is approaching and we noted a continued positive evolution for passenger demand through the second quarter. 5.4 million passengers flew with SAS during the quarter, which represents an increase of 36 percent compared with the same period last year. We are pleased to see that the overall underlying demand for travel was healthy during the quarter, despite the economic uncertainties in society as a whole. We are looking forward to a busy summer season and to flying our passengers to their holiday destinations.

During the quarter, we continued to increase our capacity for the summer and autumn adding new destinations and higher frequencies to popular destinations. We have added another 10 routes for the upcoming summer and autumn, in addition to the 20 new routes announced in the first quarter. We have inaugurated three new direct intercontinental routes, from Aalborg to New York, from Gothenburg to New York, and from Copenhagen to New York. We are also resuming traffic to Tokyo in June, and as announced after the quarter ended, we are bringing back a direct route from Copenhagen to Bangkok, Thailand as well as adding weekly flights to Agadir, Morocco, starting this autumn.

We are making progress in our Chapter 11 process in the US and in reaching our overall targets in the SAS FORWARD plan. During the quarter, we took the next key step in SAS FORWARD – initiating the equity solicitation process. We are running a competitive and broad solicitation process to secure capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process in the US.

On 2 June at 12:00 CET. SAS opens seat reservations for its first-ever commercial electric flight in Sweden, Norway, and Denmark. SAS invites travelers to join in writing this next chapter in aviation history with 30 seats available for reservation on each of the three inaugural flights – which are expected to take place during the course of 2028.  

SAS AB (“SAS” or the “Company”) announces that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved SAS’ equity solicitation procedures. Through these procedures, SAS will run a competitive and broad solicitation process to secure the best available terms and conditions for new equity capital.

Today, May 10, 2023, the General Court of the Court of Justice of the European Union (“the General Court”), announced its ruling regarding the participation of the Swedish state and the Danish state (“the States”) in the recapitalization of SAS in connection with the Covid-19 pandemic in 2020. The General Court states in its ruling that the decision by the EU Commission to approve the States' participation in the recapitalization of SAS did not comply with EU state aid rules. The ruling can be appealed.

Today, May 10, 2023, the General Court of the Court of Justice of the European Union, announced its ruling regarding the Swedish and Danish states’ participation in the recapitalization of SAS in connection with the Covid-19 pandemic in 2020. The General Court states in its ruling that the decision by the EU Commission to approve the states' participation in the recapitalization of SAS did not comply with EU state aid rules. The ruling can be appealed.

Starting 4[th] of November, SAS returns to Africa with weekly flights to Agadir, Morocco. SAS will fly to Agadir from both Copenhagen and Stockholm during the winter season until end March 2024, offering a convenient timetable with daytime departure and arrival.

1.9 million passengers traveled with SAS during April

Markus Ek, currently VP Global Sales and acting Head of Transformation Office at SAS, has been appointed CEO of SAS Cargo and will start in his new role 1[st] of August 2023.

SAS is continuing to strengthen its offer and to accommodate an increased demand for leisure travel, SAS will now open a new route to Bangkok, Thailand. Following this route expansion travelers will be able to fly direct to Bangkok three times weekly with convenient overnight flights in both directions using the Airbus A350 aircraft.

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to March 31, 2023 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

SAS wins one of the prestigious Webby Awards for its recently redesigned mobile app. The Webby Awards, known as the "Internet's highest honor," recognizes excellence in web design, content, functionality, and user experience.

SAS AB (“SAS” or the “Company”) announces that it will not be utilizing the second tranche of its debtor-in-possession (“DIP”) term loan during the second quarter of fiscal year 2023, as previously communicated. Following a stronger than expected development of SAS’ liquidity position during the winter, SAS has no near-term need for additional liquidity through the second tranche of the DIP term loan. SAS may, depending on the continued development of SAS’ liquidity position, continue discussions with Apollo Global Management regarding access to the second tranche of the DIP term loan at a later stage during the chapter 11 process. In the meantime, the Company will continue to pursue other normal course financing initiatives that if closed, will supplement the Company’s liquidity at a lower all-in cost than a near-term utilization of the second tranche of the DIP term loan.

SAS AB (“SAS” or the “Company”) announces that it is taking the next step in its comprehensive business transformation plan known as SAS FORWARD by initiating a process to solicit equity investment in the reorganized SAS.  As part of its chapter 11 process, SAS will today file a motion (the “Equity Solicitation Procedures Motion”) with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”), seeking approval of procedures that will govern the Company’s equity solicitation process.  The Company has previously stated that it aims to raise at least SEK 9.5 billion of equity financing.  However, the final amount of equity financing raised will depend upon the competitive equity raise process along with the Company’s ongoing ability to generate additional liquidity.

Through these procedures, SAS will run a competitive and broad solicitation process to secure the best available terms and conditions for new equity capital. Potential investors can place bids to take a lead position or be paired with other investors in acquiring equity interests of the reorganized SAS. SAS will continue to operate the business and serve its customers as usual throughout this process.

Given the substantial debt reductions or conversions anticipated (i.e., approximately SEK 20 billion in claims) combined with the need for substantial new equity capital, SAS expects that there will be only modest recovery for general unsecured creditors and little or no recovery for subordinated unsecured creditors upon emergence from the chapter 11 process.  Further, given that shareholders are lower in priority of payment in relation to creditors, there is currently an expectation that there will be no or very little value for existing shareholders in SAS AB at the end of the Company’s restructuring proceedings.

SAS is also announcing updated financial projections (the “Updated Projections”), based on a revised business plan which reflects optimized network and route planning, improved expectations on demand and capacity, agreements with lessors that allow for increased cost savings, and better developments in the Company’s cash position during the winter. The key changes in the Updated Projections concern the long-term revenue and EBT forecasts, as well as the short-term liquidity forecast.  For fiscal year 2026, revenues are now expected to reach up to approximately SEK 58 billion, vs. SEK 49 billion previously set forth in projections disclosed by the Company through its September 30, 2022 press release (the “Prior Projections”). Under the Company’s Updated Projections, the Company expects to produce earnings before tax (“EBT”) margin of approximately 9-10 percent in fiscal year 2026 (vs. 6-8 percent in the Prior Projections).  In the Prior Projections, the Company had forecast the fiscal year 2023 year-end liquidity level[[[1]]] to reach 15 percent . Under the Updated Projections, the liquidity level is expected to significantly exceed that liquidity level (subject to actual Company financial performance, actual size of equity capital raise, any changes in future fleet plan or other material capital expenditures, among other factors).  The liquidity level is expected to remain at such higher levels throughout the Updated Projections period.

[1] Cash and cash equivalents divided by revenue (rolling 12 months).

On April 3, SAS launches two ticket types that include biofuel. These will be available on all SAS domestic, Scandinavian and European flights.   

To meet increasing demand for travel, SAS adds yet another 10 routes and more frequencies for the upcoming summer and autumn. Starting in June, SAS also resumes traffic to Tokyo.

Jason Mahoney will join SAS as the new Chief Operating Officer. He has extensive experience from the global aviation industry.

1.6 million passengers traveled with SAS during February

SAS has entered into new sale and leaseback agreements with Aviation Capital Group (ACG). Through the new agreements, SAS has secured long-term financing for ten new Airbus A320neo aircraft, scheduled to be delivered through the first quarter of FY2024.

DSV is the first company in Denmark to sign an agreement within the SAS Corporate Sustainability Program. This partnership means DSV will buy sustainable aviation fuel for all its corporate travel with SAS for 2023.

SAS will publish the interim report for the first quarter of the fiscal year 2023 on Friday, February 24, 2023, at approximately 08.00 AM CET. A teleconference and webcast for investors, analysts and media will be held at 10.00 AM CET.

SAS is expanding its customer offering to New York and is starting direct routes to John F. Kennedy International Airport in New York from Copenhagen. The inaugural flight takes place on February the 9[th].

1.4 million passengers traveled with SAS during January

Shareholders in SAS AB (publ) (the “Company”) are hereby invited to attend the Annual General Meeting on Thursday 16 March 2023. The Annual General Meeting will be held at 2:00 p.m. at the Company’s Head Office, Frösundaviks allé 1, Solna, Sweden. The meeting venue will open at 1:00 p.m. for registration. Registration of participants at the meeting ends when the meeting is called to order.  

The Board has decided that the shareholders shall also be able to exercise their voting rights at the Annual General Meeting by postal voting in accordance with the Company’s Articles of Association. 

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2022 to December 31, 2022 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

At a Board meeting of SAS AB, the November 2021-October 2022 Annual and Sustainability Report for the SAS Group and its parent company SAS AB was presented and approved.

SAS AB (“SAS” or the “Company”) announces that it has reached agreements with two additional lessors, representing 13 aircraft in the aggregate, to amend the terms of existing aircraft and equipment lease agreements. With these agreements, SAS concludes its lessor negotiations as part of the chapter 11 process. In total, SAS has reached agreements with 15 lessors, representing 59 aircraft. Through the amended lease agreements, SAS expects to achieve the targeted annual cost savings of at least SEK 1.0 billion in reduced aircraft lease expenses and annual cash flow items relating to aircraft financing. This constitutes an important step in achieving the SEK 7.5 billion in annual cost savings by fiscal year 2026 under the SAS FORWARD plan. The new amended lease agreements are subject to approval by the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) and to the plan of reorganization in the chapter 11 process being confirmed and becoming effective.

Scandinavian Airlines System Denmark – Norway – Sweden (“SAS”) gives notice that it will not make the interest payment due on January 14, 2023 on its CHF 200,000,000 perpetual subordinated bonds 1986ff (with an outstanding amount of CHF 127,195,000) with ISIN CH0006125253 (the “Swiss Bonds”), as part of the voluntary chapter 11 process in the U.S.

One and a half million passengers traveled with SAS during December