[ad_1]
Scandinavian airline SAS has today reported a bigger August-October pretax loss than a year ago and said it aims for a US court to approve its Chapter 11 restructuring plan in early 2024.
Long-struggling SAS, which is under bankruptcy protection and bringing in new owners as part of a rescue plan, said its pretax loss came to 2.11 billion Swedish crowns ($204m) in its fourth quarter compared to a 1.70 billion loss a year earlier.
“Many of the cost efficiencies of the SAS Forward (restructuring) plan are ramping up over time, and some have been implemented but cannot be recognised in our financial results until after emergence from Chapter 11, including cost savings from the fleet restructuring,” it said.
In the third quarter, SAS made its first quarterly profit since 2019.
SAS last year filed for bankruptcy protection in the US.
It said in October that airline Air France KLM and US investment firm Castlelake would become its new main owners alongside the Danish state and Denmark’s Lind Invest, wiping out the stakes of its more than 250,000 owners.
The Swedish-Danish carrier, which expects to be delisted from the stock market in the second quarter of 2024, said it had decided to stop giving earnings guidance.
[ad_2]
Source link