SAS has filed for corporate restructuring in Sweden, in line with the American Chapter 11 proceedings in the United States, according to a press release.
The application only concerns the listed parent company of the SAS Group, SAS AB, and not any subsidiaries or the airline as a whole. SAS's operations and scheduled flights will not be affected by the restructuring proceedings and SAS will provide its services to customers as usual during this process, it said.
The background is that the US bankruptcy court on March 19 approved the restructuring plan presented in SAS's Chapter 11 proceedings.
”"The intention to apply for corporate restructuring in Sweden was specifically addressed in the Chapter 11 plan and successful completion of the Swedish restructuring proceedings is a condition for the Chapter 11 plan to enter into force," it says.
The Chapter 11 plan is also subject to various regulatory approvals and certain other customary conditions. SAS currently expects to complete the restructuring proceedings around mid-2024.
Source: Nyhetsbyrån Direkt
