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- SAS Files Monthly Operating Reports With U.S. Court and Announces Certain Financial Information For The Group
SAS files monthly operating reports with U.S. court and announces certain financial information for the Group
26 Apr 2023 08:00 CEST
Issuer
SAS AB
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 November 1,
2022 to March 31, 2023 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 to file operating reports with the Court on
a monthly basis. The financial information contained in the monthly operating
reports includes items such as 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 March 31, 2023, see table below.
The financial information has not been audited or reviewed by SAS' auditor.
[]
Financial Information, SAS Group million SEK (million USD)[1)]
November 1, 2022 - March 31, 2023
Revenue 13,517 (1,305)
Net income for the period -4,007 (-387)
As of March 31, 2023
Total assets 56,497 (5,457)
Total liabilities 60,303 (5,824)
Cash and cash equivalents 5,814 (562)
1) Amounts in SEK have been recalculated to USD based on the Swedish Riksbank's
SEK/USD exchange rate of 10.3539 as of March 31, 2023.
SAS publishes 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
Investor Relations, +46 70 997 7070
This is information that SAS AB is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication, through
the agency of Erno Hildén, at 08:00 a.m. CEST on April 26, 2023.
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
founding member of the Star AllianceT, and together with its partner airlines
offers a wide network worldwide. Learn more at https://www.sasgroup.net
More information:
Access the news on Oslo Bors NewsWeb site
588528_March_2023_SAS_files_monthly_operating_reports_with_US_Court.pdf
Source
SAS AB
Provider
Oslo Børs Newspoint
Company Name
SAS AB
ISIN
SE0003366871
Symbol
SASNO
Market
Oslo Børs