TTW
Registered
SAS AB has officially applied for a company reorganization in Sweden, signaling a significant step in its restructuring efforts. This application pertains solely to SAS AB, the parent company within the SAS Group, and excludes its subsidiaries and the airline’s operations. The reorganization’s initiation awaits approval from the Stockholm District Court. Despite this legal maneuver, SAS assures that its daily operations and flight schedules will continue as normal, with a commitment to maintaining uninterrupted service to its customers throughout the reorganization process.
This move comes on the heels of the U.S. Bankruptcy Court for the Southern District of New York’s approval of SAS’ Chapter 11 plan of reorganization on March 19, 2024. The filing for company reorganization in Sweden was anticipated as part of the Chapter 11 Plan. Achieving a successful reorganization in Sweden is crucial for the Chapter 11 Plan to take effect, underscoring the intertwined nature of these legal proceedings.
Furthermore, the Chapter 11 Plan’s activation is contingent upon receiving the green light from various regulatory bodies, in addition to meeting other standard prerequisites. SAS’ strategic roadmap includes navigating through these regulatory approvals as part of its broader restructuring scheme.
Looking forward, SAS optimistically projects its emergence from the restructuring proceedings by the end of the first half of 2024. This timeline reflects the company’s confidence in fulfilling the conditions of its Chapter 11 Plan and successfully completing its reorganization in Sweden, paving the way for a stronger and more resilient future.
The post Flight Operations Uninterrupted as SAS AB Enters Critical Reorganization Phase in Sweden appeared first on Travel And Tour World.
Continue reading...
