Scandinavian airline SAS has entered into a sale and leaseback agreements with lessor Aviation Capital Group for ten new Airbus A320neo planes, securing long-term financing for the aircraft, the carrier said on Thursday.

"We continue to make progress with our transformation plan and these new sale and leaseback agreements are an important part of that," SAS Chief Executive Anko van der Werff said in a statement.

SAS, which is undergoing a U.S. Chapter 11 restructuring, has renegotiated contracts with many of its aircraft lessors as part of big cost cuts. (Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)