SAS Link's Embraer E195 aircraft lands at Kastrup Airport, as pilots of Scandinavian Airlines go on strike, in Kastrup, Denmark July 4, 2022. TT News Agency/Johan Nilsson via REUTERS/File Photoon Wednesday reported a much deeper loss in its August-October quarter than last year and said it will take slightly longer than previously expected to complete its bankruptcy protection process.
"The implementation ... is likely to entail additional legal proceedings in other jurisdictions than the U.S. As a result, there is no assurance that there will be any recovery for the shareholders of SAS AB," it said on Wednesday, without providing more detail. SAS hopes to cut costs by 7.5 billion crowns, raise at least 9.5 billion in new equity and convert more than 20 billion of debt into equity as part of its rescue plan. It has renegotiated contracts with many aircraft lessors and lowered pilot salaries as part of efficiency efforts.
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