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SAS AIRLINE STARTED BANKRUPTCY AMID PILOTS' STRIKE

Scandinavian airline SAS applied to the US court with an application for insolvency. A New York court should consider it in the near future, relying on article 11 of the Bankruptcy Code. Experts call this provision of the law one of the most flexible for businesses operating simultaneously in several jurisdictions. The company hopes that the introduction of bankruptcy proceedings will allow the management to coordinate a restructuring program designed to modernize the fleet and attract new financial...

Thai AirAsia X files for bankruptcy

Operating without passenger flights for more than two years, Thai AirAsia X (TAAX) has filed for bankruptcy protection. The case was accepted by the Thai Bankruptcy Court on May 18, 2022. TAAX became the third Thai air carrier to file for bankruptcy. Prior to this, during the pandemic, Thai Airways and Nok Air resorted to the proceedings. According to the head of the company, Tassapon Bijleveld, it was difficult to raise the funds necessary for the company’s rehabilitation being under the debt...

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