Scandinavian Airlines, or SAS, has said that it reported a net loss of USD 398 million for the November through August period.
Now, SAS is evaluating the final bids in an equity fundraiser. This is part of the airline’s continued efforts to emerge from bankruptcy protection.
The carrier entered this process in 2022 when the airline struggled with its finances and the challenging operating climate.
A complete and thorough evaluation will be completed to determine the winning bidder or bidders, as revealed in a statement released by the airline.
Investments will be critical to enable SAS to continue its operations. In recent history, its outlook has been far from positive, and the ability to enter into bankruptcy protection was seen as a means to find ways to cut costs, raise funds, and seek investments.
However, it’s not all doom and gloom as in September, the airline announced a plan to boost capacity to its network as it finally saw a profit of USD 42 million for the third quarter to July 31. This was up from a substantial loss for the first year.
The airline believes it still has a substantial amount of work to do before everything can be turned around, and the investments will be crucial in ensuring the long-term future of SAS.
However, in the immediate future, being able to increase operations for the upcoming winter and witnessing strong ticket sales presents healthy underlying signs for the company to look ahead in a time that is challenging for most.