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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.
Transformación ejecutada
Guiding Scandinavian Airlines to a Smooth Landing After Chapter 11
Transformación ejecutada
Guiding Scandinavian Airlines to a Smooth Landing After Chapter 11
Contactos clave
Nuestro impacto
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.
En momentos de cambio y transformación,lo más importante es cómo reaccionas.
Nuestro papel
International bankruptcy and reorganisation 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 advisers 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 organise the contracts for further analysis, in support of the Schedule G filing deadline. This included prioritising contracts by value, identifying contracts that had or would soon expire and categorising 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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Expertos
Conoce al equipo
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 DirectorCuando todo está en juego.
FTI Consulting es la empresa líder en el mundo en ayudar a las organizaciones a afrontar el cambio y los procesos de transformación. Liderados por profesionales con amplia experiencia, nuestros expertos responden rápidamente a situaciones dinámicas y complejas, generando un impacto que marca la diferencia.
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