Transportation Airline SAS reorganized - restructuring completed
Since the coronavirus pandemic, the airline SAS has been struggling with its finances. Now there is light at the end of the tunnel - mainly thanks to a substantial financial injection from a rival.
28.08.2024, 10:57
SDA
After years of financial crisis, the Scandinavian airline SAS says it has successfully completed its restructuring process. The company announced that it has now put the period under creditor protection in the USA and the restructuring in Sweden behind it.
"This marks the beginning of a new era for SAS," it said. The company will emerge from the process as a competitive and financially robust airline with a strengthened capital structure and significant liquidity.
Air France-KLM as part owner
The new main owners of the restructured company - the financial investor Castlelake, the Air France-KLM Group, the investment company Lind Invest and the Danish state - have reportedly agreed to appoint a new board of directors with the Dane Kåre Schultz as its chairman. In addition, SAS will soon be switching from the Star Alliance airline alliance around the German Lufthansa to the Skyteam alliance around Air France-KLM.
This marks the end of a long period of financial problems for SAS, including around two years under creditor protection in the USA. A decisive factor in the successful restructuring was that the company was able to secure a multi-billion euro financial injection from a consortium led by the French-Dutch rival Air France-KLM and Castlelake last October. The consortium provided almost 1.2 billion dollars (1.1 billion euros) for new shares, new debt and the repayment of old liabilities.
