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Air France-KLM to take majority stake in SAS

Air France-KLM said today it plans to increase its stake in Scandinavian airline SAS to 60.5%, up from 19.9% currently, by acquiring the stakes held by top shareholder Castlelake and Lind Invest.

Business • 04 Jul

SAS yesterday reached a wage deal with its cabin crew in Norway, ending a labour strike over pay and working conditions

Scandinavian airline SAS exits US bankruptcy proceedings

Scandinavian airline SAS has emerged from Chapter 11 bankruptcy proceedings in the United States with a stronger balance sheet and new owners after a court process lasting more than two years, the company said today.

Business • 28 Aug 24

About 120 SAS employees went on strike initially and the number is expected to grow in the coming days

SAS cabin crew go on strike in Norway

Cabin crew at Scandinavian airline SAS in Norway went on strike today to press demands for better salaries and working conditions after wage talks broke down overnight, disrupting some flights, labour unions and the carrier said.

Business • 23 Aug 24

SAS has posted a pretax loss of 3.07 billion Swedish crowns ($287.43m) for its fiscal second quarter compared to a 1.41 billion loss a year earlier

SAS posts bigger Q2 loss, eyes end to restructuring

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.

Business • 30 May 24

Norwegian Air has raised its earnings forecast for 2023

Norwegian Air raises full year 2023 profit forecast

Norwegian Air has today raised its earnings forecast for 2023, saying it now expects an operating profit of about 2.2 billion Norwegian crowns ($209.65m), up from an earlier range between 1.8 billion and 2 billion crowns.

Business • 24 Jan 24

SAS last year filed for bankruptcy protection in the US

SAS posts bigger Q4 loss, eyes end to Chapter 11

Scandinavian airline SAS has today reported a bigger than expected pretax loss in the fourth quarter as high fuel costs and a weak Swedish currency weighed on its results.

Business • 30 Nov 23

SAS, Scandinavia's biggest carrier, filed for bankruptcy protection in the US in the middle of last year

SAS gets US court nod for $1.2 billion lifeline

Scandinavian airline SAS said it has received US bankruptcy court approval for its 13.2 billion Swedish crowns ($1.3 billion) investment agreement with a consortium of Castlelake, Air France-KLM, Lind Invest and the Danish state.

Business • 22 Nov 23

SAS, ravaged by the pandemic and pressured by low-cost rivals, had sought bankruptcy protection last year

Apollo seeking to join airline SAS investor consortium

US private equity firm Apollo Global Management is seeking to join the consortium that Scandinavian airline SAS last week picked to take it through bankruptcy proceedings, according to a source familiar with the matter.

Business • 16 Oct 23

US investment firm Castlelake and Air France-KLM are set to become new major shareholders in SAS alongside the Danish state following bankruptcy proceedings

SAS shares plunge 95% as restructuring wipes out owners

SAS shares slumped by as much as 95% today after the airline announced a financial restructuring on Tuesday to prevent bankruptcy, bringing on board big new investors and wiping out the stakes of its more than 250,000 owners.

Business • 04 Oct 23

Ryanair has lost its appeal against Danish and Swedish state aid to pandemic-hit SAS airline

EU court rejects Ryanair appeal against SAS state aid

Ryanair has today lost its appeal against Danish and Swedish state aid to pandemic-hit SAS airline, which was approved by EU competition authorities.

Business • 28 Sep 23

Ryanair has a mixed record on Covid-19 state aid cases, winning some of its challenges and losing others

Ryanair loses EU court appeal over state aid to SAS

Ryanair has lost its appeal against Danish and Swedish state aid to pandemic-hit SAS airline, which was approved by EU competition authorities, in one of a spate of challenges by the low-cost carrier against such subsidies.

Business • 28 Sep 23

Scandinavian airline SAS has been under bankruptcy protection since July 2022

Airline SAS posts first quarterly profit since 2019

Scandinavian airline SAS plans to ramp-up winter capacity this year, the company said today as it posted its first quarterly pretax profit since late 2019, aided by lower fuel costs, higher ticket prices and strong demand.

Business • 01 Sep 23

SAS had sought bankruptcy protection in July last year

SAS sees busy summer ahead as quarterly loss shrinks

Scandinavian airline SAS said today it expects a busy summer season, as it reported a reduced second-quarter pre-tax loss.

Business • 01 Jun 23

The long struggling carrier sought bankruptcy protection in July in the United States

Airline SAS' losses widen in fourth quarter

Crisis-hit Scandinavian airline SAS has reported a fourth-quarter loss that was much deeper than a year earlier and said it may take longer than previously expected to complete its ongoing bankruptcy protection process.

Business • 30 Nov 22

Long-struggling SAS has been ravaged by the Covid pandemic and pressured by low-cost rivals

SAS reports deeper third-quarter loss as strike bites

Crisis-hit airline SAS has today reported a deeper May-July loss than a year ago and said it remained cautious of the upcoming winter season as Covid-19 restrictions and geopolitical uncertainties persist.

Business • 26 Aug 22

SAS blamed the impact of recent strikes as well as delays in aircraft deliveries for the cuts

SAS cancels 1,700 flights in the coming months

Scandinavian airline SAS has suspended 1,700 flights in the coming months due partly to a two-week pilot strike in July over collective agreements and delayed aircraft deliveries.

Business • 19 Aug 22

Shares in SAS were up 9% in morning trade, taking a one-month rise to 26%

SAS bridge financing keeps survival hopes airborne

Scandinavian airline SAS kept its bid for survival aloft at the weekend by securing bridge financing through bankruptcy protection proceedings and sent its shares 9% higher today.

Business • 15 Aug 22

The new 5-1/2-year deal is with four pilot unions

SAS and unions reach wage deal, ending strike

SAS and pilot unions have reached a wage deal, the Scandinavian airline said on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had grounded 3,700 flights and thrown the carrier's future into doubt.

Business • 19 Jul 22

SAS and unions to resume talks as strike continues

SAS and pilot unions are to resume negotiations over new collective agreements as a crippling strike, that the Scandinavian airline has said is threatening its existence, enters its third week.

Business • 18 Jul 22

SAS said yesterday that the strike had caused 2,550 flight cancellations, affecting 270,000 passengers

SAS pilot strike enters 12 days as talks resume

Talks between airline SAS and pilot unions are due to resume today as the parties seek a deal to end a strike that the carrier says is threatening its existence.

Business • 15 Jul 22

SAS said the strike so far had caused 2,550 flight cancellations and cost it between $94m and $123m

SAS in talks over strike it says threatens survival

SAS said today a pilot strike now in its 11th day threatened the airline's ability to access bridge financing without which it may be forced to radically downsize or could collapse.

Business • 14 Jul 22

Pilots employed at SAS Scandinavia went on strike on July 4 after negotiations over a new collective bargaining agreement broke down

SAS and pilot unions resume talks as strike continues

Scandinavian airline SAS and unions representing striking pilots resumed talks over a new collective bargaining agreement today as the walkout entered its 10th day.

Business • 13 Jul 22

Shares in SAS, whose biggest owners are Sweden and Denmark, were up 7% in early trade.

SAS and pilot unions to resume talks on Wednesday

Embattled Scandinavian airline SAS and unions representing pilots will resume negotiations on Wednesday to try and agree a new labour deal to end a one-week strike, union representatives and a mediator said.

Business • 12 Jul 22

Some 181 flights, or 69% of those scheduled, were cancelled on Friday

SAS cancels more flights as pilot strike grinds on

Scandinavian airline SAS cancelled almost 70% of its flights today as a pilots strike stranded thousands of tourists overseas.

Business • 08 Jul 22

SAS filed for bankruptcy protection in the US yesterday to help cut debt while warning a strike among its pilots had deepened its financial crisis

Pilot strike grounds more SAS flights today

Scandinavian airline SAS headed into the third day of a crippling pilot strike, cancelling well over half its flights today, as it geared up for the first court date in its bankruptcy proceedings later in the week.

Business • 06 Jul 22