Scandinavian airline SAS has successfully exited U.S. Chapter 11 bankruptcy proceedings, signaling a fresh start for the airline. This move, hailed as “a new era” for SAS, follows the approval of the carrier’s restructuring plan by the European Commission. The plan involves Air France-KLM acquiring a 19.9% stake in SAS, and SAS joining the SkyTeam airline alliance on Sept. 1.
Over the past two years, SAS has worked diligently to restructure more than $2 billion of debt, adapt its aircraft fleet, and secure agreements with stakeholders, creditors, and vendors. This extensive process has paved the way for SAS to emerge stronger and more resilient than ever before.
To support its restructuring efforts, SAS secured a total investment of $1.2 billion, which includes $475 million in new unlisted equity and $725 million in secured convertible debt. This significant financial support has provided SAS with the necessary resources to navigate through its restructuring process and position itself for future growth.
SAS CEO and president Anko van der Werff expressed his enthusiasm for the airline’s future, stating: “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.” With a solid financial foundation and a renewed sense of purpose, SAS is well-positioned to thrive in the competitive airline industry.
The successful exit from bankruptcy proceedings signifies a pivotal moment for SAS. As the airline embarks on a new chapter, it is poised to deliver exceptional service to its customers, strengthen its partnerships, and create a brighter future for its employees. With a clear vision and a strong commitment to excellence, SAS is set to soar to new heights in the aviation industry.
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