Brief: SAS AB Aug-Oct EBT Loss Widens To SEK 2.11 Bln

Sas AB

30/11/2023 07:50

Nov 30 (Reuters) - SAS AB  SAS.ST :
    * Q4 2023: SAS SECURES FINANCING FOR THE FUTURE - KEY
MILESTONE IN
SAS' CHAPTER 11 PROCESS
    * WE ARE MAKING STEADY PROGRESS IN OUR CHAPTER 11 PROCESS IN
US
AND IN REACHING OUR OVERALL TARGETS IN SAS FORWARD PLAN WITH ONE
MAJOR MILESTONE REACHED DURING QUARTER
    * WE CURRENTLY TARGET RECEIVING APPROVAL OF CHAPTER 11 PLAN
FROM
US COURT IN EARLY 2024
    * ALL OF SAS AB'S COMMON SHARES AND LISTED COMMERCIAL HYBRID
BONDS
ARE EXPECTED TO BE CANCELLED, REDEEMED AND DELISTED
    * AUG-OCT REVENUE: MSEK 12,019 (10,651)
    * AUG-OCT INCOME BEFORE TAX (EBT): MSEK -2,110 (-1,701)
    * THERE IS NO EXPECTED VALUE FOR EXISTING SHAREHOLDERS IN
SAS AB
    * ONLY A MODEST RECOVERY IS EXPECTED FOR HOLDERS OF
COMMERCIAL
HYBRID BONDS
    * SAS EXPECTS THAT ITS OPERATIONS WILL BE UNAFFECTED BY SUCH
LEGAL
PROCEEDINGS AND THAT IT WILL CONTINUE TO SERVE ITS CUSTOMERS AS
NORMAL.
    * SAS IS CURRENTLY REVIEWING THE FINANCIAL PROJECTIONS, AS
PART OF
THE PREPARATIONS FOR COMPLETING THE CHAPTER 11 PROCESS
    * COST REDUCTIONS ACROSS BUSINESS REMAIN IN FOCUS
    * MANY OF COST EFFICIENCIES OF SAS FORWARD PLAN ARE RAMPING
UP
OVER TIME, AND SOME HAVE BEEN IMPLEMENTED BUT CANNOT BE
RECOGNIZED IN OUR FINANCIAL RESULTS
    * DECIDED TO STOP PROVIDING FORWARD-LOOKING FORECASTS ON
FINANCIAL
DEVELOPMENT FOR PERIOD FOLLOWING EXPECTED COMPLETION OF
REORGANIZATION PROCESS IN 2024
    * INTENDS TO EVENTUALLY EXIT STAR ALLIANCE AND JOIN SKYTEAM
ALLIANCE

Source text for Eikon:  ID:nWkrbHttP4 
Further company coverage:  SAS.ST 

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