SAS: Bankruptcy after strikes, Chapter 11 – Ultima Ora is used in the US

ANSA LAVORO – ROME, July 5 – Scandinavian company SAS declared bankruptcy the day after its pilots went on strike and the US resorted to Chapter 11, aided by bankruptcy, for restructuring. This was announced by the company itself, as Bloomberg reports. Yesterday the strike of 1,000 airline pilots began, and today SAS was forced to cancel 78% of departure flights, equivalent to 236 flights. The Chapter 11 process is accessible to companies with assets and businesses in the United States and allows them to continue their operations while they are undergoing restructuring. The group aims to reduce debts of $ 1.9 billion. (Dealing).

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