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Tag: SAS

SAS cancels 1,700 flights for September and October

SAS cancels 1,700 flights for September and October SAS cancels 1,700 flights for September and October

Scandinavian airline SAS has canceled 1,700 flights due in the coming months in part because of a two-week pilot strike in July and delays in receiving aircraft. SAS, whose biggest shareholders are Sweden and Denmark, canceled 3,700 flights during the strike, which the carrier says puts the company’s future in doubt. SAS announced today that […]

Apollo provides $700 million loan to SAS

Apollo provides $700 million loan to SAS Apollo provides 0 million loan to SAS

Private equity firm Apollo Global Management has provided $700 million in funding to SAS AB as the Scandinavian airline tries to regain its financial health, according to Bloomberg. Stockholm-based SAS expects to receive court approval for the financing by mid-September, it said in a statement. The loan for the debtor will allow her to continue […]

SAS pilots end their strike

SAS pilots end their strike SAS cancels 1,700 flights for September and October

Members of pilots’ unions in Sweden, Denmark and Norway have voted to adopt the collective agreement reached with the airline SAS last month and will therefore not continue their strike, the unions announced today, as Reuters reported. SAS grounded around 3,700 flights during a devastating 15-day strike in July that left 380,000 passengers stranded. In […]

Sweden: SAS airline and unions continue negotiations

Sweden: SAS airline and unions continue negotiations Apollo provides 0 million loan to SAS

SAS and pilots’ unions are continuing talks this morning after overnight negotiations, a union spokesman told reporters, to reach an agreement as the pilots’ strike entered its 14th day. The majority of SAS pilots in Sweden, Denmark and Norway went on strike on July 4 after talks over terms of the carrier’s rescue plan collapsed. […]

Sweden: SAS-pilot talks to end strike continue today

Sweden: SAS-pilot talks to end strike continue today SAS cancels 1,700 flights for September and October

SAS and pilots’ unions yesterday failed again to reach an agreement to end strike action, which threatens the company’s ability to access “bridge funding” without which it could forced to drastically reduce its staff or collapse. SAS and workers’ unions held talks throughout Thursday to end the strike, which involves most of the company’s pilots […]

SAS: The airline files for bankruptcy in the US

SAS: The airline files for bankruptcy in the US SAS cancels 1,700 flights for September and October

Financially troubled Scandinavian airline SAS announced today that it has entered bankruptcy in the United States as part of an ongoing restructuring, a day after the start of an indefinite strike by its main pilots’ union. “SAS’s operations and flight plan will not be affected by this Chapter 11 proceeding and SAS will continue to […]

SAS: Pilots go on strike after negotiations fail

SAS: Pilots go on strike after negotiations fail SAS cancels 1,700 flights for September and October

The main pilots’ union of troubled airline SAS has decided to carry out its strike threat after wage negotiations failed, the head of the Scandinavian airline said today. According to company management, the mobilization will translate into the cancellation of 50% of its flights, affecting 30,000 passengers each day, SAS said in a statement. “The […]

Denmark: Willing to write off SAS debt if private investors invest

Denmark: Willing to write off SAS debt if private investors invest SAS cancels 1,700 flights for September and October

Denmark is ready to write off the debt of the loss-making airline SAS and to contribute more capital if private investors do the same, announced the Minister of Finance, Nicolai Wammen. The airline’s share price jumped 45% as investors welcomed some positive news for the airline, which is struggling to cut costs while also trying […]

SAS: Sweden will not contribute new capital, the stock is at a record low

SAS: Sweden will not contribute new capital, the stock is at a record low SAS cancels 1,700 flights for September and October

The Swedish government will not invest new funds in SAS, the industry minister said, hurting the loss-making company, with its share falling 14% to a record low. SAS said last week that a restructuring plan announced in February depended on raising 9.5 billion kronor ($ 968 million) in cash and converting 20 billion kronor bonds […]

SAS: Shrink losses, hopes to raise $ 1 billion

SAS: Shrink losses, hopes to raise $ 1 billion SAS: Shrink losses, hopes to raise $ 1 billion

SAS Airlines said it hoped to convert bonds into shares and raise 9.5 billion kronor ($ 973 million) in new capital, warning of liquidity problems if it failed, as it announced a contraction in losses compared to the previous year. The airline, which is jointly owned by Sweden and Denmark, has been struggling for years, […]