Scandinavia’s SAS Files for Bankruptcy as Most Flights Grounded
- SAS shares fell as much as 13.2% to a new low on Tuesday
- Firm seeks to cut $1.9 billion debt, raise $1 billion equity
SAS aircraft parked at Oslo Airport Gardermoen on July 4.
Photographer: Beate Oma Dahle/AFP/Getty Images
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SAS AB filed for Chapter 11 bankruptcy protection after a pilots’ strike grounded a majority of the Scandinavian airline’s flights, worsening the travel chaos that’s gripped Europe at the height of the summer season.
The carrier canceled 236 flights on Tuesday, or 78% of planned departures, according to tracking website FlightAware.com. Travelers reported widespread disruptions at airports in Sweden, Denmark and Norway, where SAS has hubs.