SAS files for US bankruptcy protection

Saturday, 05 Jul, 2022 0

Scandinavian airline SAS has filed for bankruptcy in the United States

It says the strike action by pilots has left it in a precarious financial position.

Pay talks between the airline and its pilots broke down, triggering industrial action. 

The airline said it will continue operating during the bankruptcy process, but the pilot strike will affect its flight schedules.

The filing will allow the airline to concentrate on the business restructuring plan it announced earlier this year.

“To proceed with the implementation of key elements of the plan, SAS and certain of its subsidiaries have voluntarily filed for chapter 11 in the US,” it said.

“This is a legal process for financial restructuring conducted under US federal court supervision.”

The airline says it has enough liquidity to operate in the short term.

Still, the strike ‘has a negative impact on the liquidity and financial position of the company and, if prolonged, such impact could become material’



 

profileimage

Ray Monty



Most Read

Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know

Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham

Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago

Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research

Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact

Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference

Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role

Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal

Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination

Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness

Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future

Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
TRAINING & COMPETITION
Skip to toolbar
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...