SAS, the Scandinavian airline, files for bankruptcy protection after pilots strike.
A day after its pilots went on strike, SAS, the Scandinavian airline, said on Tuesday that it had filed for Chapter 11 bankruptcy protection in the United States, the latest reverberation in a summer of turmoil for European airlines.
SAS described the filing, made in the U.S. Bankruptcy Court for the Southern District of New York, as the “next step” in a reorganization that would address the money-losing airline’s financial difficulties, including cost reductions of more than $700 million. It said it was in discussions with potential lenders who could provide $700 million in financing to support operations through the Chapter 11 process. It expected to emerge from the process in nine to 12 months.
The company said many international airlines have used U.S. courts for bankruptcy proceedings because the Chapter 11 law offers advantages to businesses undergoing restructuring with divisions in different parts of the world.
https://tnewstimes.com/2022/07/05/business/sas-the-scandinavian-airline-files-for-bankruptcy-protection-after-pilots-strike/
SAS described the filing, made in the U.S. Bankruptcy Court for the Southern District of New York, as the “next step” in a reorganization that would address the money-losing airline’s financial difficulties, including cost reductions of more than $700 million. It said it was in discussions with potential lenders who could provide $700 million in financing to support operations through the Chapter 11 process. It expected to emerge from the process in nine to 12 months.
The company said many international airlines have used U.S. courts for bankruptcy proceedings because the Chapter 11 law offers advantages to businesses undergoing restructuring with divisions in different parts of the world.
https://tnewstimes.com/2022/07/05/business/sas-the-scandinavian-airline-files-for-bankruptcy-protection-after-pilots-strike/
