News, Space & Aviation

Transferred expensive SAS planes to Norway

SAS transferred two of their most expensive planes to Norway in order to escape foreign creditors in the case of bankruptcy.

In order to protect their planes from creditors, SAS moved two Airbus A330 jets and re-registered them in Norway, the Danish newspaper Politiken reports.

The planes are worth more than NOK 1 billion each, and have had their registration changed from Sweden and Denmark to Norway due to claims from the planes’ owner, the French bank Crédit Agricole.

SAS has leased the planes since 2004. But as opposed to Sweden and Denmark, Norway has ratified the so-called Cape Town convention, which states that owners of planes and other “mobile activia” have a special protection against claims from creditors in case of bankruptcy.

The Danish plane was re-registered on October 16, weeks before SAS announced their savings plan and cuts, whereas the Swedish plane was moved last week, just days before the negotiations between SAS employees and the management.