- Scandinavian airline SAS AB (OTC:SASDY) has filed for bankruptcy protection in the U.S. to help accelerate restructuring plans.
- Wage discussions between SAS and its pilots collapsed, sparking a strike that would add to travel disruption across Europe, Reuters reported.
- A strike by SAS pilots has accelerated the airline's decision to file for Chapter 11 bankruptcy protection in the U.S., the report quoted the airline's CEO, Anko van der Werff.
- The report cited a Sydbank analyst that the work stoppage may cost SAS ~100 million Swedish crowns ($10 million) per day, potentially wiping out up to half of the airline's cash flow in the first four to five weeks alone.
- The company said it would continue serving its customers throughout the bankruptcy process.
- SAS stated that the filing with a U.S. federal court was made to expedite a restructuring plan announced in February.
- Photo Via Company
Pilot Strike Forces SAS To File For Chapter 11 Bankruptcy In US
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