SAS AB applies for company reorganization in Sweden - operations continue as normal

27 Mar 2024 08:57 CET

SAS AB announces that it has today applied for company reorganization (Sw.
företagsrekonstruktion) in Sweden. The opening of the proceeding is subject to
approval by the Stockholm District Court. The application is made only in
relation to the listed parent company of the SAS Group, SAS AB, and not any
subsidiaries or the airline as such. SAS' operations and flight schedule will
remain unaffected by the reorganization proceeding and SAS will continue to
serve its customers in the ordinary course throughout this process.

On March 19, 2024, the U.S. Bankruptcy Court for the Southern District of New
York confirmed SAS' chapter 11 plan of reorganization (the "Chapter 11 Plan").
Application for company reorganization in Sweden was specifically contemplated
by the Chapter 11 Plan and a successful completion of the Swedish reorganization
proceeding is a condition for the Chapter 11 Plan to become effective. The
effectiveness of the Chapter 11 Plan also remains subject to approvals from
various regulatory authorities and certain other customary conditions precedent.
SAS currently expects to emerge from its restructuring proceedings around the
end of the first half of 2024.

Information regarding chapter 11 cases

Additional information regarding SAS' voluntary chapter 11 cases is available on
SAS' dedicated restructuring website, https://sasgroup.net/transformation. U.S.
court filings and other documents related to the chapter 11 cases 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, and Seabury Securities LLC is also serving as restructuring advisor to
SAS.

For further information, please contact:
SAS press office, +46 8 797 29 44
Investor relations, +46 709 977 070

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and
Stockholm, flies to destinations in Europe, USA and Asia. Spurred by a
Scandinavian heritage and sustainability values, SAS aims to be the driving
force in sustainable aviation and in the transition toward net zero emissions.
We are continuously reducing our carbon emissions through using more sustainable
aviation fuel, investing in new fuel-efficient aircraft and technology
innovation together with partners - thereby contributing towards the industry
target of net zero CO2 emissions by 2050. In addition to flight operations, SAS
offers ground handling services, technical maintenance and air cargo services.
Learn more at https://www.sasgroup.net

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