SAS files court documents related to bankruptcy, releases financial data
Scandinavian Airlines (SAS) has filed official statements detailing its assets and liabilities with a U.S. court as part of its voluntary Chapter 11 proceedings. The company also released consolidated financial information as of June 30, 2022.
Stockholm, Sweden – August 3, 2022 – Scandinavian Airlines (SAS) has submitted Statements of Financial Affairs (SOFA) and Schedules of Assets and Liabilities (SOAL) to the U.S. Bankruptcy Court for the Southern District of New York. These filings are part of the airline's ongoing voluntary Chapter 11 restructuring process, which began on July 5, 2022.
The submitted documents provide detailed, unaudited financial information for each SAS debtor entity subject to the Chapter 11 process as of the petition date. The information includes the specific assets, liabilities, and revenue for each entity on a non-consolidated basis. SAS has cautioned that these amounts may differ materially from the consolidated accounts presented in its official financial reports.
Concurrent with these court filings, SAS also announced certain consolidated financial figures for the Group as of June 30, 2022. According to these figures, revenue for the period November 1, 2021, to June 30, 2022, was 19,443 million SEK (approximately $1,903 million). As of June 30, 2022, total assets were reported at 60,183 million SEK ($5,889 million), with total liabilities at 58,606 million SEK ($5,735 million) and cash and cash equivalents at 7,788 million SEK ($762 million).
SAS has stated that the financial information presented in the SOFAs and SOALs reflects the debtors' reasonable efforts to report individual debtor financials. The airline is scheduled to release its third-quarter interim report (November 2021-July 2022) on August 26, 2022. The Chapter 11 filing is intended to facilitate SAS's restructuring plan and improve its financial resilience.