Scandinavian airline SAS completes restructuring, exits US bankruptcy proceedings
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Scandinavian airline SAS has completed restructuring and emerged from Chapter 11 bankruptcy proceedings in the United States, it said on Wednesday.
The Sweden-based airline has restructured more than $2 billion of debt, adjusted its aircraft fleet and reached agreements with key stakeholders, creditors and vendors, it said in a statement.
SAS, which filed for bankruptcy in July 2022, had in March received approval from a U.S. bankruptcy judge for its Chapter 11 plan of reorganization, clearing the airline to move ahead with a restructuring that included a $1.2 billion investment from a consortium of bidders, including the Danish government.
The airline has concluded an exit financing solicitation process with a consortium of hedge fund Castlelake, Air France-KLM investment manager Lind Invest and the Danish state as the winning bidder.
The transaction included an investment of $1.2 billion, which comprised $475 million in new unlisted equity and $725 million in secured convertible debt.
SAS on Tuesday reached a wage deal with its cabin crew in Norway, prompting workers to call off a strike that has grounded dozens of flights since late last week.
