SAS receives court approval of Chapter 11 restructuring plan

The Bankruptcy Court for the Southern District of New York has formally approved SAS’ Chapter 11 reorganisation plan, with the Scandinavian airline expecting to emerge from the process around the end of the first half of 2024. SAS will continue to serve its customers throughout the process with its operations and flight schedule to ‘remain unaffected by the restructuring proceedings’. The carrier initiated voluntary Chapter 11 proceedings in the US ‘in order to accelerate the implementation of its comprehensive business transformation plan,’ it notes; aiming to reach agreements with key stakeholders, restructure debt obligations and emerge ‘with a significant capital