SAS exits restructuring with $1.2 billion investment, new ownership
SAS announced the successful completion of its restructuring proceedings in the US and Sweden, concluding with a $1.2 billion investment. The airline emerges financially robust with new principal owners.
Scandinavian airline SAS announced on Wednesday that it has successfully completed its Chapter 11 restructuring proceedings in the United States and its Swedish company reorganization. The process concludes with a $1.2 billion investment, signaling a new era for the carrier.
The new principal owners of SAS are Castlelake, Air France-KLM, Lind Invest, and the Danish State. The airline stated it emerges with a strengthened capital structure and is financially robust. Kåre Schultz will serve as the new Chairman of the Board.
The restructuring was initiated to accelerate the SAS FORWARD transformation plan, which aims to optimize the airline's network and fleet, achieve cost competitiveness, and build a sustainable future. During the proceedings, SAS restructured over $2 billion in debt, adjusted its fleet and related costs, and reached agreements with creditors and vendors.
SAS also reported achieving its highest-ever monthly profitability in July 2024. Passenger numbers have increased by 6.5 percent compared to the same period last year, and the SAS EuroBonus program now has nearly 8 million members.