Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Scandinavian airline SAS hails 'new era' as it exits US Chapter 11 bankruptcy process. SAS restructured debt of more than $2 billion, adjusted its fleet, and delisted its stock in a process that wiped out the stakes of its more than 250,000 former owners https://t.co/ePiYVW7oIq https://t.co/1o42tEzWqf
Airline hails ‘new era’ as it exits bankruptcy process #ARYNews https://t.co/zdhi7AY7ul
This airline is officially no longer bankrupt https://t.co/2D33QXMpaO
Scandinavian airline SAS has reached a wage agreement with cabin crew in Norway, ending a strike that had grounded numerous flights. The resolution was confirmed by the airline and two labor unions. Concurrently, SAS has completed a significant restructuring process, emerging from US Chapter 11 bankruptcy proceedings. The restructuring involved a debt adjustment exceeding $2 billion, fleet modifications, and delisting its stock, effectively nullifying the stakes of over 250,000 former owners. The airline's CEO has announced a 'new era' for SAS, which now has a stronger balance sheet, new ownership, and a new chairman. Additionally, Air France-KLM has acquired a 19.9% stake in SAS and plans to implement an interline and codeshare agreement starting September 1, coinciding with SAS's entry into the SkyTeam alliance. Air France-KLM can take a controlling stake of SAS after 2 years.
