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SAS files Statements of Financial Affairs (SOFA) and Schedules of Assets and Liabilities (SOAL) with U.S. Court and announces certain financial information for the Group

SAS AB (“SAS”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S., will each within short file a Statement of Financial Affairs (SOFA) and Schedule of Assets and Liabilities (SOAL) with the U.S. Bankruptcy Court for the Southern District of New York. The filings are part of the SAS’ voluntary chapter 11 process in the U.S. and contain detailed financial information, as of the chapter 11 petition date (July 5, 2022), including information on assets, liabilities and revenue, for each SAS debtor that is subject to the chapter 11 process.

SAS Airbus A 330 (photo: ©otoerres)

The financial information contained in the SOFAs and SOALs is unaudited and reflects the SAS debtor entities’ reasonable efforts to report the financial information of each individual debtor on a non-consolidated basis. Accordingly, the amounts listed in the SOFAs and SOALs will likely differ, at times materially, from the consolidated accounts presented by SAS in the company’s financial reports.

In connection with these court filings, SAS announces certain consolidated financial information for the Group as of June 30, 2022, see table below. The financial information has not been audited or reviewed by SAS’ auditor.

Financial information, SAS Groupmillion SEK (million USD)1)
 Nov 1, 2021-June 30, 2022
Revenue19,443 (1,903)
 As of June 30, 2022
Total assets60,183 (5,889)
Total liabilities58,606 (5,735)
Cash and cash equivalents7,788 (762)

1) Amounts in SEK have been recalculated to USD based on the Swedish Riksbank’s SEK/USD exchange rate of 10.2194 as of June 30, 2022.

SAS will release its interim Q3 report (November 2021-July 2022) on August 26, 2022, in accordance with its financial calendar.

Additional information about the chapter 11 process is available at the company’s dedicated restructuring website, https://sasgroup.net/transformation. Court filings and other documents related to the chapter 11 process in the U.S. – including the Statements of Financial Affairs (SOFA) and the Schedules of Assets and Liabilities (SOAL) – will be available on a separate website administered by SAS’ claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/SAS. Information is also available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450 (International), as well as by email at [email protected]

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment bankers, Seabury is also serving as restructuring advisor. FTI Consulting is serving as financial advisor.

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