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SAS Restructures Existing Aircraft and Equipment Lease Agreements as Part of the SAS FORWARD Plan

SAS has reached agreements with 10 lessors, representing a total of 36 aircraft, to amend the terms of existing aircraft and equipment lease agreements, as an important step in reaching SEK 7.5 billion in annual savings under the SAS FORWARD plan.

SAS Airbus A321neo - Courtsy Airbus

On Wednesday (October 5, 2022), SAS announced that they have reached agreements with 10 lessors, representing a total of 36 aircraft, to amend the existing terms of existing aircraft and equipment leases. This is the carrier’s latest step in their goal to achieve SEK 7.5 billion (US $685 million) in annual cost savings. The 10 lessors agreeing to amended agreements include AerCap Holdings N.V., Aergo Capital Limited, Aircastle Limited, ALAFCO Aviation Lease and Finance Company, CDB Aviation, Dubai Aerospace Enterprise (DAE) Ltd., ICBC Aviation Leasing Co., Ltd., ORIX Aviation Systems Limited and SDH Wings International Leasing Limited. The amended lease agreements remain subject to approval by the U.S. Bankruptcy Court for the Southern District of New York under the Chapter 11 reorganization process.

In Wednesday’s announcement, SAS’ Chief Executive Officer, Anko van der Werff, said,

“We continue to make progress in our chapter 11 process. The amended lease agreements allow us to reconfigure our fleet and improve our cost structure, which is a key element of our SAS FORWARD plan. We are grateful to our lessors for working constructively with us, as we continue taking necessary actions to become a more competitive airline and a stronger business partner to them. We are continuing to pursue additional lease amendments so we can achieve our targets.”

In a separate press release, AerCap announced that they have signed agreements with SAS for the retention and lease extension of six Airbus A320 aircraft.

Speaking on the amended lease agreements, AerCap’s Chief Executive Officer, Aengus Kelly, said,

“We are delighted to support SAS as it implements its business transformation plan, ‘SAS FORWARD’, through a voluntary chapter 11 process which is expected to lead to a financially stable and profitable airline. These aircraft will help to support SAS with its objectives of being a highly competitive and operationally efficient airline. SAS has been a long-time customer of AerCap, and we wish Anko van der Werff and all the SAS team every success and we look forward to building on our partnership for many years to come.”

AerCap Holdings N.V. (NYSE: AER) is the global leader in aircraft leasing and maintains one of the most attractive order books in the industry. The company serves around 300 customers in 80 countries with comprehensive fleet solutions. AerCap is headquartered in Dublin and maintains offices in Shannon, Miami, Memphis, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse, and other locations around the world.

SAS is the leading airline in Scandinavia, normally carrying over 30 million passengers annually from its main hubs in Copenhagen, Oslo and Stockholm to 125 destinations in Europe, the US and Asia (pre-pandemic figures). The company has targeted a reduction in carbon emissions by 25 percent by 2025, compared to 2005 levels, and hopes to transition to 100% biofuel for domestic flights by 2030. SAS also offers ground handling services, technical maintenance and cargo services. The carrier is a founding member of the Star Alliance, which is celebrating their 25th anniversary in 2022.

Source(s): SAS / Cision, AerCap Holdings N.V.


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