On July 5, 2022, SAS AB and certain of its subsidiaries, including SAS (collectively, the “SAS Debtors”), commenced voluntary cases under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), captioned SAS AB, et al., Case No. Given these facts, OACP is of the view that SAS subjected thousands of consumers to extreme delay in making refunds available for flights to and from the United States that the carrier cancelled. It appears that thousands of refund requests took over 100 days to process. The airline has received thousands of additional complaints and refund requests directly from passengers. Since March 2020, the Department has received over 700 informal complaints and one formal complaint1 alleging that SAS failed to provide refunds after cancelling or significantly changing consumers’ flights to or from the United States. Department of Transportation’s Office of Aviation Consumer Protection (OACP) has determined that, during the COVID-19 pandemic, Scandinavian Airlines System Denmark-Norway-Sweden (SAS) routinely failed to provide timely refunds to passengers for flights to and from the United States that the carrier cancelled or significantly changed in violation of 49 U.S.C. Contact Jacob via email if you are interested in receiving the newsletter.The U.S. He publishes a newsletter each weekday focused on the most important regional and global news. As a Russian speaker, he has been involved in covering the war in Ukraine. His most impactful reporting on Arctic issues include a report on how NATO allies are slowly waking up to Russian supremacy in the region, uncovering how Greenland represents a security black hole for Denmark and its allies, and how an abundance of critical minerals has proven a curse for Greenland.īefore moving to Copenhagen in 2016, Jacob spent seven years in Moscow covering Russia's oil and gas industry for Dow Jones Newswires and The Wall Street Journal, followed by four years in Singapore covering energy markets for WSJ and Reuters. Specializes in security and geopolitics in the Arctic and Baltic Sea regions, as well as large corporates such as brewer Carlsberg and shipping group A.P. ![]() read moreīased in Copenhagen, Jacob oversees reporting from Denmark, Iceland, Greenland and the Faroe Islands. On Tuesday, Oslo said it would support SAS' debt-to-equity plan, under certain conditions, but did not plan to remain a long-term stakeholder. Still, it is a major creditor with 1.5 billion Norwegian crowns ($153 million) in loans made during the pandemic. Neighbouring Norway's government sold its remaining 10% stake in SAS in 2018, arguing there was no need for the state to own airline stocks. The country has said it wants to exit SAS completely in the long term. ![]() If the airline does raise new equity, this will reduce Sweden's stake. Stockholm said this month it would not provide new cash to SAS, though it approved the debt-for-equity plan. Sweden, which has already injected more than 8 billion Swedish crowns into SAS over recent decades, has taken a harder line on new financing. ![]() That may deter large investors and consortia that might have been interested in making sweeping changes at SAS, according to Sydbank analyst Jacob Pedersen. While the Danish government has promised to stay out of day-to-day business, it wants to protect its interests.ĭenmark wants "influence over the elements in SAS that are central to maintaining SAS' strong foothold in Denmark and contribution to Denmark's international accessibility," the finance ministry said this month. That could increase Copenhagen's stake in the airline to up to 30%.īut the government has made it a condition of the cash injection that SAS gets private investors to participate too. read more WHAT DOES DENMARK WANT?ĭenmark's parliament agreed this month to write off some of SAS' debt and convert some more into equity, as well as to inject new cash. ![]() On consumer review site Trustpilot, SAS is rated 1.5 out of five stars, just above Ryanair's 1.4.Īdding to SAS' trouble, some 1,000 SAS pilots in Denmark, Norway and Sweden plan to go on strike on June 29 over disagreements over wages and cost-cutting plans. The company has been in nearly constant financial trouble since the turn of the century, and last year lost 6.5 billion Swedish crowns ($638 million), with revenue just a third of pre-pandemic levels.
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