Scandinavian airline SAS has today posted a second-quarter pretax loss that more than doubled from a year earlier while pledging to complete its financial restructuring this summer.
It posted a pretax loss of 3.07 billion Swedish crowns ($287.43 million) for the February-April quarter compared to a loss of 1.41 billion a year earlier as operating costs rose more than revenue.
SAS said it was making steady progress in its restructuring proceedings and in reaching the targets of its SAS FORWARD plan.
"We look forward to emerging as a competitive and financially stronger airline with a stable equity structure," CEO Anko van der Werff said in a statement.
The airline filed for US bankruptcy protection in 2022 after years of struggling with high costs coupled with low customer demand exacerbated by the coronavirus pandemic.
SAS' Chapter 11 plan of reorganisation was approved in March of this year. The restructuring will wipe out SAS' equity, with no payments to existing shareholders, the company has said.
The company's exit from bankruptcy will be financed by $1.21 billion in funding from hedge fund Castlelake, airline Air France-KLM, investment manager Lind Invest ApS and the Danish state.
