Scandinavian airline SAS has emerged from the shadows of U.S. Chapter 11 bankruptcy proceedings, signaling a new era for the carrier. The European Commission recently gave the green light to SAS’s restructuring plan, paving the way for Air France-KLM to acquire a 19.9% stake in the airline. This development comes just before SAS’s anticipated entry into the SkyTeam airline alliance on September 1st.
Having filed for Chapter 11 bankruptcy protection in the U.S. two years ago, SAS has undertaken a massive restructuring effort since then. The airline has managed to restructure over $2 billion in debt, make significant adjustments to its aircraft fleet, and reach agreements with various stakeholders, creditors, and vendors. The exit financing transaction involved a total investment of $1.2 billion in the revamped SAS, with $475 million in new unlisted equity and $725 million in secured convertible debt.
SAS’s CEO and president, Anko van der Werff, expressed his enthusiasm for the airline’s fresh start, calling it a historic day that ushers in an exciting future for SAS’s customers, partners, and employees. With the successful completion of the restructuring process, SAS is now poised to enter a new chapter in its history, focused on growth and innovation.
The partnership with Air France-KLM and the upcoming inclusion in the SkyTeam alliance are key steps in SAS’s strategy to strengthen its position in the global aviation market. By aligning itself with major players in the industry, SAS aims to enhance its flight network, improve passenger services, and tap into new business opportunities.
As SAS charts its course for the future, a strong emphasis will be placed on catering to the needs and preferences of its passengers. The airline is committed to delivering top-notch service, innovative solutions, and a seamless travel experience to ensure customer satisfaction and loyalty.
The successful emergence from Chapter 11 bankruptcy marks a significant milestone for SAS, setting the stage for a promising future. With a renewed focus on growth, partnerships, and customer-centric initiatives, SAS is ready to soar to new heights in the aviation industry.
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