SAS financial consequences of the pilot strike and the critical need to secure DIP Financing
The strikes undertaken by the SAS Scandinavia pilots’ unions, which began on July 4, 2022, already have severely impacted the liquidity and overall financial position of SAS AB (“SAS” or the “Company”) and threatens the Company’s ability to ultimately successfully raise critically needed near-term and long-term capital to fund the Company’s successful reorganization. As of today, the strike has so far caused over 2,550 flight cancellations which has affected over 270,000 passengers. The estimated effect of the strike is approximately SEK 100-130 million per day or roughly SEK 1.0-1.3 billion