SAS AB APPLIES FOR COMPANY REORGANIZATION IN SWEDEN – OPERATIONS CONTINUE AS NORMAL

 

SAS AB announces that it has applied for company reorganization (Sw. företagsrekonstruktion) in Sweden. The opening of the proceeding is subject to approval by the Stockholm District Court. The application is made only in relation to the listed parent company of the SAS Group, SAS AB, and not any subsidiaries or the airline as such. SAS’ operations and flight schedule will remain unaffected by the reorganization proceeding and SAS will continue to serve its customers in the ordinary course throughout this process.

On March 19, 2024, the U.S. Bankruptcy Court for the Southern District of New York confirmed SAS’ chapter 11 plan of reorganization (the “Chapter 11 Plan”). Application for company reorganization in Sweden was specifically contemplated by the Chapter 11 Plan and a successful completion of the Swedish reorganization proceeding is a condition for the Chapter 11 Plan to become effective. The effectiveness of the Chapter 11 Plan also remains subject to approvals from various regulatory authorities and certain other customary conditions precedent. SAS currently expects to emerge from its restructuring proceedings around the end of the first half of 2024.

Tags: SAS