On July 5, 2022, Scandinavian airline SAS AB, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10925), reporting $10 to $50 billion in assets and $1 to $10 billion in liabilities. According to SAS, the COVID-19 pandemic and related policies dramatically cut its revenue during fiscal years 2020 and 2021 by approximately 56% and 70%, respectively, compared to fiscal year 2019. The company now seeks to restructure its debt and its aircraft lease agreements, which it believes are significantly above market. The company continues to negotiate DIP lending for approximately $700 million.