SAS hails new era as it exits bankruptcy with Air France-KLM onboard
SAS Scandinavian Airlines has emerged from bankruptcy protection after a two-year restructuring process, with Air France-KLM coming onboard a key investor.
The carrier hailed its exit from creditor protection after restructuring more than $2 billion of debt and taking receipt of a $1.2 billion cash injection as “the start of a new era for SAS”.
SAS was previously hampered by a complicated ownership structure involving the governments of Sweden, Norway and Denmark.
The airline is now under the ownership of investment firm Castlelake, Air France-KLM, Lind Invest and the Danish State. Castlelake has a 32% stake, the Danish government 25.8% and Air France-KLM 19.9%, with Lind holding 8.6%. Air France has the opportunity to take a controlling share in the next two years.
SAS said it had achieved its most profitable month in July this year.
Anko van der Werff, SAS president and chief executive said: “This is a historic day that marks the start of an exciting future for SAS’ customers, partners and colleagues. We have successfully completed our restructuring proceedings and we are now entering a new era.”
He added the carrier, formerly with Star Alliance, would “shortly” be joining SkyTeam, of which Air France and KLM are members.
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