Scandinavian Airlines’ Investment Deal with Air France Approved by NY Bankruptcy Court

Scandinavian Airlines Airbus A321LR aircraft

Scandinavian Airlines has announced that an investment agreement by a consortium including Air France-KLM has been approved by the United States Bankruptcy Court for the Southern District of New York.

Under the agreement, the consortium comprising of Castlelake, Air France-KLM, Apollo Global Management, and the Danish government will invest approximately 1.2 billion US dollars. The resulting shareholding percentages are expected to be approximately 32% for Castlelake, 25.8% for the Danish government, 19.9% for Air France-KLM, and 8.6% for Apollo Global Management. The deal is subject to approvals from various national authorities and the application of Swedish company reorganization law, which is expected to be filed in 2024. The airline plans to delist its shares without the approval of existing shareholders.

If the plan proceeds, Scandinavian Airlines will leave Star Alliance and join SkyTeam. The airline is one of the five founding carriers of Star Alliance, the world’s first airline alliance. This will be the first time a founding airline has left the coalition. Through this investment, Air France-KLM will strengthen its position in the Nordic region.

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