Wallenberg Investments comments on SAS decision to enter into a legal process for financial restructuring, via Chapter 11

We note the announcement made today by the SAS Board of directors and Management team to initiate a controlled restructuring according to American law, also known as a ”Chapter 11” process. For decades, SAS have been burdened with costs too high compared to its competitors, something which the Company has attempted to address.

After the pandemic, which affected the aviation market both in terms of volumes and distribution between business and leisure travel, the effort to reach a lower debt burden, competitive cost structure and flexibility in the Company’s operations has been intensified over the last quarters, without reaching required targets.

As a shareholder we are always guided by what we believe is in the best interest for the company in the long term, and thus we fully support the decision of the Board and Management to initiate a controlled restructuring that enables companies to keep their businesses operating uninterrupted while negotiations can take place between stakeholders to achieve a cost structure that enables a future competitive SAS.

We follow the situation closely and have at present no further comments. Wallenberg Investments holds 3.4% of SAS.

For questions contact:
Laura Bergtoft, press contact
E-mail: laura.bergtoft@wfab.se

About Wallenberg Investments AB: Wallenberg Investments AB manages and develops the assets of the Wallenberg Foundations. The largest assets of the Wallenberg Foundations are the partly owned investment company Investor AB, listed on the Stockholm Stock Exchange, and the wholly owned holding company FAM AB. Wallenberg Investments AB is responsible for managing the capital of holdings and their corporate governance on both short-term and long-term basis.

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