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    SAS   SE0003366871

SAS AB (PUBL)

(SAS)
  Report
Real-time Estimate Cboe Europe  -  03:41 2022-09-27 am EDT
0.5520 SEK   +1.92%
09/26SAS files monthly operating reports with U.S. court and announces certain financial information for the Group
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09/23SAS comment regarding Nasdaq Copenhagen's disciplinary committee's decision
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SAS secures $700 million financing to aid restructuring

08/13/2022 | 11:56pm EDT
Scandinavian Airlines pilots go on strike

(Reuters) - Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy.

The airline filed for bankruptcy protection in the United States in early July to help cut debt after the collapse of wage talks between the airline and its pilots, triggering a 15-day strike that added to travel chaos across Europe.

SAS said in a statement it expects to complete the Chapter 11 restructuring process in nine to 12 months. The airline anticipates receiving court approval for its $700 million financing by the end of September.

SAS chief executive Anko van der Werff has said the strike accelerated its decision to file for Chapter 11 status.

The airline has said the industrial action had cost it more than $145 million, affecting 380,000 passengers in the peak summer travel season, and might jeopardize the firm's ability to secure additional financing.

SAS grounded some 3,700 flights during the strike, saying last week its number of passengers fell 32% in July from June and capacity by 23%.

Swedish, Danish and Norwegian pilot union members, who voted to adopt a collective bargaining agreement reached with SAS last month, say they will not resume their strike.

SAS, which was already loss-making before the pandemic due to rising competition from low-cost carriers, had said it needed to slash costs further and raise more capital to survive.

While the Swedish government has rejected the plea for more cash, Denmark says it might inject fresh funds if SAS also finds support from private-sector investors.

(Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. -3.71% 49.6 End-of-day quote.-31.52%
SAS AB (PUBL) 2.44% 0.553 Delayed Quote.-57.54%
All news about SAS AB (PUBL)
09/26SAS files monthly operating reports with U.S. court and announces certain financial inf..
AQ
09/26Sas : Star Alliance reclaims World's Best Airline Alliance title at the Skytrax 2022 World..
PU
09/23SAS comment regarding Nasdaq Copenhagen's disciplinary committee's decision
AQ
09/23Stockholm bourse fines SAS over late pilot strike statement
RE
09/23Nasdaq Stockholm Fines SAS Over Pilot Strike Disclosure
MT
09/23SAS comment regarding Nasdaq Stockholm's disciplinary committee's decision
AQ
09/19Sas launches new communication concept
AQ
09/19SAS AB Launches New Communication Concept
CI
09/16Factbox-Europe's travel disruption stretches into autumn
RE
09/16Airline SAS' Chapter 11 Process to Last Until June 2023, CEO Says
MT
More news
Analyst Recommendations on SAS AB (PUBL)
More recommendations
Financials
Sales 2022 31 446 M 2 781 M 2 781 M
Net income 2022 -6 725 M -595 M -595 M
Net Debt 2022 39 410 M 3 485 M 3 485 M
P/E ratio 2022 -0,61x
Yield 2022 -
Capitalization 3 935 M 348 M 348 M
EV / Sales 2022 1,38x
EV / Sales 2023 1,13x
Nbr of Employees 6 326
Free-Float 51,5%
Chart SAS AB (PUBL)
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SAS AB (publ) Technical Analysis Chart | MarketScreener
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Technical analysis trends SAS AB (PUBL)
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 4
Last Close Price 0,54 SEK
Average target price 0,11 SEK
Spread / Average Target -79,7%
EPS Revisions
Managers and Directors
Anko van der Werff President & Chief Executive Officer
Erno Hildén Chief Financial Officer & Executive Vice President
Carsten Dilling Chairman
Charlotte Svensson Chief Information Officer & Executive VP
Birgitta Monica Caneman Independent Director
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