SAS AB ("SAS" or the "Company") and each of its subsidiaries that are subject to
the voluntary chapter 11 process in the U.S. will shortly file monthly operating
reports, containing certain financial information for the period of August 1,
2022 to August 31, 2022 with the U.S. Bankruptcy Court for the Southern District
of New York (the "Court"). All SAS companies that are subject to the voluntary
chapter 11 process are each required by the U.S. Bankruptcy Code to file
operating reports with the Court on a monthly basis. The financial information
contained in the monthly operating reports includes cash position, assets,
liabilities, revenue and profit and loss for the preceding month.
In connection with these Court filings, SAS announces certain consolidated
financial information for the SAS Group as of August 31, 2022, see table below.
The financial information has not been audited or reviewed by SAS' auditor.
Financial Information, SAS Group million SEK (million USD)1)
Nov 1, 2021- August 31, 2022
Revenue 24,596 (2,305)
Net income for the period -6,570 (-616)
As of August 31, 2022
Total assets 61,702 (5,784)
Total liabilities 61,173 (5,734)
Cash and cash equivalents 6,117 (573)
1) Amounts in SEK have been recalculated to USD based on the Swedish Riksbank's
SEK/USD exchange rate of 10.6686 as of August 31, 2022.
SAS will publish a press release in connection with each monthly operating
report filing, other than for the months when the filings coincide with the
publication of SAS' interim reports.
Additional information about the Chapter 11 process is available at the
Company's dedicated restructuring website, https://sasgroup.net/transformation.
Court filings and other documents related to the chapter 11 process in the U.S.
are available on a separate website administered by SAS' claims agent, Kroll
Restructuring Administration LLC, at https://cases.ra.kroll.com/SAS. Information
is also available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450
(International), as well as by email at SASInfo@ra.kroll.com.
Advisors
Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer
Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury
Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment
bankers, Seabury is also serving as restructuring advisor. FTI Consulting is
serving as financial advisor.
For further information, please contact:
SAS Press office, +46 8 797 29 44
Louise Bergström, VP Investor Relations, +46 70 997 0493
This is information that SAS AB is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication by Louise
Bergström at 3:25p.m. CEST on September 26, 2022.
SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and
Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a
Scandinavian heritage and sustainable values, SAS aims to be the global leader
in sustainable aviation. We will reduce total carbon emissions by 25 percent by
2025, by using more sustainable aviation fuel and our modern fleet with fuel
-efficient aircraft. In addition to flight operations, SAS offers ground
handling services, technical maintenance and air cargo services. SAS is a
founder member of the Star AllianceT, and together with its partner airlines
offers a wide network worldwide. Learn more at https://www.sasgroup.net