SAS AB has officially applied for company reorganisation (Sw. företagsrekonstruktion) in Sweden today, March 27, 2024. The commencement of this process is contingent upon approval from the Stockholm District Court. It’s important to note that this application pertains solely to the listed parent company of the SAS Group, SAS AB, and does not extend to any subsidiaries or the airline’s operations themselves. Throughout this reorganisation proceeding, SAS’ operations and flight schedule will continue without disruption and the airline will uphold its commitment to serving customers as usual.
On March 19, 2024, the U.S. Bankruptcy Court for the Southern District of New York confirmed SAS’ chapter 11 plan of reorganisation (the Chapter 11 Plan). The application for company reorganisation in Sweden was specifically outlined in the Chapter 11 Plan, and the successful completion of the Swedish reorganisation process is a pre-requisite for the Chapter 11 Plan to take effect. Additionally, the effectiveness of the Chapter 11 Plan remains subject to approvals from various regulatory bodies and other customary conditions. SAS anticipates concluding its restructuring proceedings by the end of the first half of 2024.
