Scandinavian Airlines’ parent company, SAS AB, announced that the Stockholm District Court has approved the rehabilitation plan under the company reorganization proceedings in Sweden.
The existing common shares and listed commercial hybrid bonds will be delisted. The effect will come into force upon the expiry of the appeal period, with the plan to exit the reorganization procedure by August.
As a result, entities like Castlelake, Air France KLM, and the Danish government are expected to invest a total of $725 million to advance the reconstruction. The approval of the reorganization procedure was necessary as a condition for exiting Chapter 11 of the U.S. Bankruptcy Code.
