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SAS has filed for bankruptcy protection within the United State as an pilot strike plunges compounds the Scandinavian service’s monetary woes. The airline stated the Chapter 19 submitting will enable the service to proceed working, though the strike has cancelled roughly 50 p.c of its flights globally, affecting about 30,000 passengers a day.
SAS stated the economic motion meant the airline had introduced ahead plans to restructure its funds. SAS pilots are hanging in a dispute over plans to scale back their salaries as a part of the airline’s restructuring programme.
The Chapter 11 bankruptcy permits an organization to restructure its money owed beneath courtroom supervision whereas persevering with to function. The airline stated that talks to elevate $756 million to proceed its instant operations had been nicely superior.
SAS stated in a press release: “Through this process, SAS aims to reach agreements with key stakeholders, restructure the company’s debt obligations, reconfigure its aircraft fleet, and emerge with a significant capital injection.”
SAS reduce 5,000 jobs – 40% of its workforce – in 2020, because it tried to scale back losses ensuing from the pandemic.
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