Pilot Strike Forces SAS To File For Chapter 11 Bankruptcy In US

Scandinavian airline SAS AB SASDY has filed for bankruptcy protection in the U.S. to help accelerate restructuring plans.
Wage discussions between SAS and its pilots collapsed, sparking a strike that would add to travel disruption across Europe, Reuters reported.
A strike by SAS pilots has accelerated the airline's decision to file for Chapter 11 bankruptcy protection in the U.S., the report quoted the airline's CEO, Anko van der Werff.
The report cited a Sydbank analyst that the work stoppage may cost SAS ~100 million Swedish crowns ($10 million) per day, potentially wiping out up to half of the airline's cash flow in the first four to five weeks alone.
The company said it would continue serving its customers throughout the bankruptcy process.
SAS stated that the filing with a U.S. federal court was made to expedite a restructuring plan announced in February.
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