SAS files for US bankruptcy protection
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’
Ray Monty
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