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Airline SAS Rejigs Contracts With Two More Aircraft Lessors In Fight To Slash Costs

By Dave Simpson

Scandinavian airline SAS has said it had agreed with another two of its aircraft lessors to amend the terms of existing lease contracts as part of its cost cutting efforts.

15 Lessors

Crisis-hit SAS, which is under Chapter 11 bankruptcy protection in the United States since last year, said in a statement it had now amended contracts with in total 15 lessors representing 59 aircraft.

Statements

"With these agreements, SAS concludes its lessor negotiations as part of the chapter 11 process," it said.

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"Through the amended lease agreements, SAS expects to achieve the targeted annual cost savings of at least 1.0 billion Swedish crowns in reduced aircraft lease expenses and annual cash flow items relating to aircraft financing," it said.

Read More: Airline SAS Losses Deepen, Warns Bankruptcy Protection To Drag Out

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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