SAS News - SAS Thu, 11 May 2023 13:57:25 GMT WaaS en All rights reserved 2023 <![CDATA[Comment regarding media speculation about consequences of EU ruling]]> Wed, 10 May 2023 20:23:30 GMT <![CDATA[Comment from SAS regarding today's ruling in the General Court of the Court of Justice of the European Union]]> Wed, 10 May 2023 12:14:00 GMT <![CDATA[SAS RETURNS TO AFRICA BY FLYING TO AGADIR THIS UPCOMING WINTER]]> Wed, 10 May 2023 09:00:00 GMT <![CDATA[SAS Traffic figures – April 2023]]> Tue, 09 May 2023 09:00:00 GMT <![CDATA[MARKUS EK APPOINTED CEO OF SAS CARGO]]> Thu, 04 May 2023 12:30:00 GMT <![CDATA[SAS OPENS NEW ROUTE TO BANGKOK]]> Tue, 02 May 2023 09:00:00 GMT <![CDATA[SAS files monthly operating reports with U.S. court and announces certain financial information for the Group]]> Wed, 26 Apr 2023 06:00:00 GMT <![CDATA[SAS WINS WEBBY AWARD FOR REDESIGNED APP]]> Tue, 25 Apr 2023 13:45:39 GMT <![CDATA[Update on SAS’ debtor-in-possession term loan]]> Mon, 17 Apr 2023 06:00:00 GMT <![CDATA[SAS initiates process to raise equity financing, provides updated financial projections and confirms expectations for existing shareholders and creditors]]> Thu, 06 Apr 2023 01:15:00 GMT
Through these procedures, SAS will run a competitive and broad solicitation process to secure the best available terms and conditions for new equity capital. Potential investors can place bids to take a lead position or be paired with other investors in acquiring equity interests of the reorganized SAS. SAS will continue to operate the business and serve its customers as usual throughout this process.

Given the substantial debt reductions or conversions anticipated (i.e., approximately SEK 20 billion in claims) combined with the need for substantial new equity capital, SAS expects that there will be only modest recovery for general unsecured creditors and little or no recovery for subordinated unsecured creditors upon emergence from the chapter 11 process.  Further, given that shareholders are lower in priority of payment in relation to creditors, there is currently an expectation that there will be no or very little value for existing shareholders in SAS AB at the end of the Company’s restructuring proceedings.

SAS is also announcing updated financial projections (the “Updated Projections”), based on a revised business plan which reflects optimized network and route planning, improved expectations on demand and capacity, agreements with lessors that allow for increased cost savings, and better developments in the Company’s cash position during the winter. The key changes in the Updated Projections concern the long-term revenue and EBT forecasts, as well as the short-term liquidity forecast.  For fiscal year 2026, revenues are now expected to reach up to approximately SEK 58 billion, vs. SEK 49 billion previously set forth in projections disclosed by the Company through its September 30, 2022 press release (the “Prior Projections”). Under the Company’s Updated Projections, the Company expects to produce earnings before tax (“EBT”) margin of approximately 9-10 percent in fiscal year 2026 (vs. 6-8 percent in the Prior Projections).  In the Prior Projections, the Company had forecast the fiscal year 2023 year-end liquidity level[[[1]]] to reach 15 percent . Under the Updated Projections, the liquidity level is expected to significantly exceed that liquidity level (subject to actual Company financial performance, actual size of equity capital raise, any changes in future fleet plan or other material capital expenditures, among other factors).  The liquidity level is expected to remain at such higher levels throughout the Updated Projections period.

[1] Cash and cash equivalents divided by revenue (rolling 12 months).]]>
<![CDATA[SAS MAKES IT EASIER TO CHOOSE BIOFUEL]]> Mon, 03 Apr 2023 06:00:00 GMT <![CDATA[SAS OFFERS MORE ROUTES AND FREQUENCIES FOR THE SUMMER]]> Wed, 15 Mar 2023 07:00:00 GMT <![CDATA[JASON MAHONEY APPOINTED COO OF SAS]]> Tue, 07 Mar 2023 13:00:00 GMT <![CDATA[SAS Traffic figures – February 2023]]> Tue, 07 Mar 2023 10:00:00 GMT <![CDATA[SAS enters into sale-leaseback agreements with Aviation Capital Group for ten new Airbus A320neo aircraft]]> Thu, 02 Mar 2023 07:00:00 GMT <![CDATA[DSV partners with SAS]]> Tue, 21 Feb 2023 07:00:00 GMT <![CDATA[Invitation to SAS’ Q1 2023 teleconference]]> Fri, 17 Feb 2023 13:50:00 GMT <![CDATA[SAS INAUGURATES ROUTE TO JFK AIRPORT IN NEW YORK FROM COPENHAGEN]]> Thu, 09 Feb 2023 16:30:00 GMT <![CDATA[SAS Traffic figures – January 2023]]> Tue, 07 Feb 2023 10:00:00 GMT <![CDATA[SAS AB (publ) announces notice of the Annual General Meeting on 16 March 2023]]> Mon, 06 Feb 2023 10:30:00 GMT
The Board has decided that the shareholders shall also be able to exercise their voting rights at the Annual General Meeting by postal voting in accordance with the Company’s Articles of Association. ]]>