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SAS Submits Monthly Operating Reports and Releases Financial Data for Chapter 11 Process

  • Airlines
  • 2 min read

Scandinavia’s leading airline, SAS AB, has consistently updated its stakeholders about its financial status and operations. The airline has made updates public as part of the company’s commitment to transparency and its ongoing Chapter 11 process in the US.

SAS New Uniforms, Source: SAS

Monthly Operating Reports with U.S. Court

From November 1, 2022, to August 31, 2023, SAS and its subsidiaries undergoing the voluntary Chapter 11 process will soon submit their monthly operating reports to the U.S. Bankruptcy Court for the Southern District of New York. It’s standard procedure for companies under this process to present reports containing a wealth of financial data, including:

  • Cash position
  • Assets and liabilities
  • Revenue figures
  • Profit and loss analytics

Along with these detailed reports, SAS has released consolidated financial information for the SAS Group as of August 31, 2023:

Financial Information, SAS Groupmillion SEK (million USD)1
November 1, 2022 – August 31, 2023
Revenue34,089 (3,137)
Net income for the period-4,411 (-406)
As of August 31, 2023
Total assets57,174 (5,261)
Total liabilities62,076 (5,712)
Cash and cash equivalents6,696 (616)
Source: SAS
  1. Exchange rates are based on the Swedish Riksbank’s SEK/USD rate of 10.8668 as of August 31, 2023.

Update on Equity Solicitation

SAS is deep into an equity solicitation process as part of the Chapter 11 reorganization. This initiative aims to invite investments into the restructured company. With the deadline for submitting final bids passed on September 25, 2023, SAS is evaluating the proposals. Soon, the airline will announce the successful bidder or bidders.

For anyone keen on delving deeper into the Chapter 11 process or accessing court filings, SAS has made these available on their dedicated restructuring website and another website managed by their claims agent, Kroll Restructuring Administration LLC.

About SAS

SAS continues its operations as Scandinavia’s leading airline, with main hubs in Copenhagen, Oslo, and Stockholm, connecting passengers to Europe, the USA, and Asia. Grounded in Scandinavian heritage and sustainability principles, the company strives for a greener future in aviation. Their ambitious goal? To play a pivotal role in the industry’s journey towards net zero CO2 emissions by 2050.

To stay updated with SAS’ progress and services, visit SAS Group.

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