SAS sees $4.6 bln revenue in 2024, to file amended chapter 11 plan (updated)

Sas AB

23/01/2024 23:13

(Adds details in paragraphs 2-4, background in paragraph 5)
       Jan 23 (Reuters) - Scandinavian airline SAS  SAS.ST 
said on Tuesday it expects its revenue to exceed 48 billion
Swedish crowns ($4.57 billion) in 2024.
    The carrier said it would file an amended chapter 11 plan of
reorganization with the U.S. Bankruptcy Court for the Southern
District of New York to include its final and updated
projections.
    The company said it expects its net debt to range between 36
and 39 billion Swedish crowns prior to emergence from the
chapter 11 process, and between 22 and 24 billion Swedish crowns
after emerging from it.
    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.
    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 customer demand brought on by
the pandemic.

($1 = 10.4926 Swedish crowns)

 (Reporting by Gursimran Kaur in Bengaluru; Editing by Krishna
Chandra Eluri and Shilpi Majumdar)
 ((GursimranKaur.Mehar@thomsonreuters.com;))