Airline SAS sees $4.6 billion revenue in 2024, to file amended Chapter 11 plan

(Reuters) -Scandinavian airline SAS forecast on Tuesday its revenue to exceed 48 billion Swedish crowns ($4.57 billion) in 2024, and expects to emerge from an amended Chapter 11 plan of reorganization by the end of the first half.

The carrier said in a statement it would file the amended Chapter 11 plan with the U.S. Bankruptcy Court for the Southern District of New York to include its final and updated projections.

SAS, Scandinavia’s biggest carrier, had filed for bankruptcy protection in the U.S. in mid-2022 after years of struggling with high costs coupled with low demand brought on by the pandemic.

The company expects its net debt to range between 36 billion and 39 billion Swedish crowns prior to emergence from the Chapter 11 process, and between 22 billion and 24 billion Swedish crowns after the process.

SAS reiterated that there will be no value for its existing shareholders and all of its common shares and listed commercial hybrid bonds will be cancelled, redeemed and delisted, in connection with emergence from the Chapter 11 process.

Last November, long-struggling SAS received U.S. bankruptcy court approval for 13.2 billion Swedish crowns investment agreement with a consortium of Castlelake, Air France-KLM, Lind Invest and the Danish state.

During the same month, the company won approval from EU competition authorities for its 833-million-euro ($904.39 million) recapitalisation by Denmark and Sweden.

($1 = 10.4926 Swedish crowns)

($1 = 0.9211 euros)