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Airline SAS rejigs contracts with two more aircraft lessors in fight to slash costs

SAS sign is seen on aircraft in the Kiruna airport

STOCKHOLM (Reuters) -Scandinavian airline SAS said on Friday 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.

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.

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

"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.

(Reporting by Anna Ringstrom, editing by Terje Solsvik)