Airline SAS Amends Contracts with Two More Aircraft Lessors in Fight to Slash Costs

Scandinavian airline SAS said on Friday that 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, Reuters reported. Crisis-hit SAS, which has been under chapter 11 protection in the U.S. 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. Read more.