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SAS secured $700 million in DIP financing and unlocked immediate liquidity through an automatic stay, strengthening its balance sheet and enabling operations to continue throughout the voluntary restructuring process.
Geschäft transformiert
Guiding Scandinavian Airlines to a Smooth Landing After Chapter 11
Geschäft transformiert
Guiding Scandinavian Airlines to a Smooth Landing After Chapter 11
Ansprechpartner
Das Ergebnis
SAS avoided significant operating disruptions throughout the filing and met all reporting requirements, including debtor-in-possession (“DIP”) reporting, monthly financial reporting and contractual reporting to regulatory agencies.
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The company negotiated a long-term multinational collective bargaining agreement, generating an annual reduction in labor costs of approximately 20%.
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With sufficient liquidity and a viable path forward, SAS exited Chapter 11 bankruptcy on August 28, 2024, allowing the company to reemerge with reduced debt and new owners.
In Krisen und Transformationenzählt vor allem der nächste Schritt.
Unser Beitrag
International bankruptcy and reorganization expertise strategically deployed to meet unique needs
FTI Consulting assisted SAS in quickly and efficiently preparing for a Chapter 11 filing.
Our interdisciplinary experts worked closely with SAS and its advisors to establish contingency plans to avoid any operating disruptions as a result of the filing.
FTI Consulting trained SAS employees on the dynamics of Chapter 11, assisted with all court-required schedules and reporting and helped prepare the company for first-day motions, voluntary petitions and exhibits, and related filings.
Our contract solutions experts provided a thorough contract collection and review to extract critical details needed to meet court-imposed deadlines and organize the contracts for further analysis, in support of the Schedule G filing deadline. This included prioritizing contracts by value, identifying contracts that had or would soon expire and categorizing agreements according to the airline’s numerous global business units.
As the matter progressed, our data and analytics team, using FTI Consulting’s Analytics and Resolution Claims Solution (“ARCS”), supported the claims process to ensure efficient and timely resolution of claims.
Our experts supported SAS with vendor, supplier and internal communications throughout the process to ensure ongoing maintenance of critical operations and share important information.
Awards & Recognition
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Atlas Award: Cross Border Turnaround of the Year (Large)
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Ansprechpartner
Lernen Sie unser Team kennen
Meredith Brown
Senior Managing Director
Michael Healy
Senior Managing Director
Martin Kuehne
Global Leader of Aviation Business Transformation, Co-Leader of Human Capital
Beau Roy
Senior Managing Director
Gil Jones
Senior Managing Director
Craig Cheng
Managing Director
Shawn Martinez
Managing DirectorWenn alles auf dem Spiel steht.
FTI Consulting ist die weltweit führende Beratung für Unternehmen in Krisen und Transformationen. Unsere Teams werden von erfahrenen Expertinnen und Experten geleitet. Ihre Stärke ist schnelles Handeln in dynamischen und komplexen Situationen – wenn es darauf ankommt, machen sie den Unterschied.
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