Airline SAS sees $4.6b revenue in 2024, to file amended Chapter 11 plan

Scandinavian airline SAS forecast on Tuesday its revenue to exceed 48b Swedish crowns ($4.57b) in 2024, and expects to emerge from an amended Chapter 11 plan of reorganization by the end of the first half. The carrier said in a statement it would file the amended Chapter 11 plan with the U.S. Bankruptcy Court for the Southern District of New York to include its final and updated projections. SAS, Scandinavia's biggest carrier, had filed for bankruptcy protection in the U.S. in mid-2022 after years of struggling with high costs coupled with low demand brought on by the pandemic. The company expects its net debt to range between 36b and 39b Swedish crowns prior to emergence from the Chapter 11 process, and between 22b and 24b Swedish crowns after the process. SAS reiterated that there will be no value for its existing shareholders and all of its common shares and listed commercial hybrid bonds will be cancelled, redeemed and delisted, in connection with emergence from the Chapter 11 process. <br/>