|Bid||0.4106 x 0|
|Ask||0.4110 x 0|
|Day's range||0.4100 - 0.4201|
|52-week range||0.4100 - 1.1660|
|Beta (5Y monthly)||0.94|
|PE ratio (TTM)||N/A|
|Earnings date||01 Jun 2023|
|Forward dividend & yield||N/A (N/A)|
|1y target est||0.15|
STOCKHOLM (Reuters) -Crisis-hit Scandinavian airline SAS on Wednesday reported a much deeper loss in its August-October quarter than last year and said it will take longer than expected to complete its bankruptcy protection process. The long struggling carrier, which sought bankruptcy protection in July in the United States in a bid to slash costs and debt, said its fiscal fourth-quarter pretax loss grew to 1.70 billion Swedish crowns ($161 million) from 945 million. SAS, whose biggest owners are Sweden and Denmark, said in a statement it aimed to end its bankruptcy protection during the second half of 2023.
The approved credit agreement is a part of the airline's bankruptcy protection process and its terms will be substantially similar to those announced on Aug. 14, SAS said. Long-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought bankruptcy protection in July as pilots went on a two-week strike, hoping to emerge within nine to 12 months as a more competitive airline. Some analysts have said that Apollo could become a major shareholder in SAS by converting the loan to equity at the end of the Chapter 11 process.
Crisis-hit airline SAS and unions have made progress on a new savings deal to end a 13-day pilots' strike, but significant issues have yet to be resolved, a mediator told news agency E24 on Saturday. A majority of SAS pilots in Sweden, Denmark and Norway walked out on July 4 after negotiations over conditions related to the Scandinavian carrier's rescue plan collapsed. SAS had been struggling with increased low-cost competition for years before the COVID-19 pandemic heaped pressure on the airline industry.