SAS

Legal Proceedings Report • Mar 27, 2024

SAS AB applies for company reorganization in Sweden - operations continue as normal

SAS AB applies for company reorganization in Sweden - operations continue as normal

SAS AB announces that it has today applied for company reorganization (Sw.

företagsrekonstruktion) in Sweden. The opening of the proceeding is subject to

approval by the Stockholm District Court. The application is made only in

relation to the listed parent company of the SAS Group, SAS AB, and not any

subsidiaries or the airline as such. SAS' operations and flight schedule will

remain unaffected by the reorganization proceeding and SAS will continue to

serve its customers in the ordinary course throughout this process.

On March 19, 2024, the U.S. Bankruptcy Court for the Southern District of New

York confirmed SAS' chapter 11 plan of reorganization (the "Chapter 11 Plan").

Application for company reorganization in Sweden was specifically contemplated

by the Chapter 11 Plan and a successful completion of the Swedish reorganization

proceeding is a condition for the Chapter 11 Plan to become effective. The

effectiveness of the Chapter 11 Plan also remains subject to approvals from

various regulatory authorities and certain other customary conditions precedent.

SAS currently expects to emerge from its restructuring proceedings around the

end of the first half of 2024.

Information regarding chapter 11 cases

Additional information regarding SAS' voluntary chapter 11 cases is available on

SAS' dedicated restructuring website, https://sasgroup.net/transformation. U.S.

court filings and other documents related to the chapter 11 cases in the U.S.

are available on a separate website administered by SAS' claims agent, Kroll

Restructuring Administration LLC, at https://cases.ra.kroll.com/SAS. Information

is also available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450

(International), as well as by email at SASInfo@ra.kroll.com.

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer

Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury

Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment

bankers, and Seabury Securities LLC is also serving as restructuring advisor to

SAS.

For further information, please contact:

SAS press office, +46 8 797 29 44

Investor relations, +46 709 977 070

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and

Stockholm, flies to destinations in Europe, USA and Asia. Spurred by a

Scandinavian heritage and sustainability values, SAS aims to be the driving

force in sustainable aviation and in the transition toward net zero emissions.

We are continuously reducing our carbon emissions through using more sustainable

aviation fuel, investing in new fuel-efficient aircraft and technology

innovation together with partners - thereby contributing towards the industry

target of net zero CO2 emissions by 2050. In addition to flight operations, SAS

offers ground handling services, technical maintenance and air cargo services.

Learn more at https://www.sasgroup.net