SAS Reaches Deal With Pilots' Unions; Ends 15 Day Strike

Author: Shivani Kumaresan | July 19, 2022 08:07am

• SAS AB (OTC:SASDY) has reached a deal with SAS Scandinavia pilots’ unions after fifteen days of strike.
• The parties have agreed on new 5.5-year collective bargaining agreements.
• Flights operated by SAS Scandinavia will resume according to their regular traffic program as soon as possible.
• The agreements include cost savings in line with the set targets in the SAS FORWARD target of SEK 7.5 billion in annual cost savings.
• SAS noted pending litigation previously initiated by the pilots’ unions and individual pilots against the company will be withdrawn. 
• The agreement includes increased productivity for the SAS Scandinavia pilots and increased flexibility in seasonal production.
• With the labor agreements in place, SAS will be able to proceed with its process to secure funding to support the company’s ongoing operations.
• Related: SAS Airline Cancels Flight On Pilot Shortage, Though Passenger Volume Jumped
• It had also voluntarily filed for Chapter 11 in the U.S. The estimated effect of the strike is approximately SEK 100-130 million per day ($9.5-$12.5 million) in lost revenue and costs.
• Also Read: Pilot Strike Forces SAS To File For Chapter 11 Bankruptcy In US
• Photo Via Company

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