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SAS Reaches Deal With Pilots' Unions; Ends 15 Day Strike

Benzinga Real-time News ·  Jul 19, 2022 08:08
  • SAS AB (OTC:SASDY) has reached a deal with SAS Scandinavia pilots' unions after fifteen days of strike.
  • The parties have agreed on new 5.5-year collective bargaining agreements.
  • Flights operated by SAS Scandinavia will resume according to their regular traffic program as soon as possible.
  • The agreements include cost savings in line with the set targets in the SAS FORWARD target of SEK 7.5 billion in annual cost savings.
  • SAS noted pending litigation previously initiated by the pilots' unions and individual pilots against the company will be withdrawn. 
  • The agreement includes increased productivity for the SAS Scandinavia pilots and increased flexibility in seasonal production.
  • With the labor agreements in place, SAS will be able to proceed with its process to secure funding to support the company's ongoing operations.
  • RelatedSAS Airline Cancels Flight On Pilot Shortage, Though Passenger Volume Jumped
  • It had also voluntarily filed for Chapter 11 in the U.S. The estimated effect of the strike is approximately SEK 100-130 million per day ($9.5-$12.5 million) in lost revenue and costs.
  • Also ReadPilot Strike Forces SAS To File For Chapter 11 Bankruptcy In US
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