Scandinavian Airlines (SAS) has completed its restructuring process.
The airline has reached an agreement with major stakeholders, including creditors, on the reorganization of over $2 billion in debt, as well as the optimization of its fleet and network. Exiting Chapter 11 bankruptcy in the United States and corporate restructuring in Sweden were conditions for new investments.
Investors, including Castlelake, Air France-KLM, Lind Invest, and the Danish government, will contribute approximately $1.2 billion. This includes $475 million in unlisted equity and $725 million in secured convertible bonds.
Anko van der Werff, President and CEO, stated, “Today marks a historic day for our customers, partners, and colleagues as we embark on an exciting future. We have successfully completed the restructuring process and have entered a new era. It was a complex process, but I am grateful for the constructive cooperation with our creditors and partners, the valuable support from our board, and the wonderful efforts, energy, and enthusiasm from everyone within the organization. These efforts have saved one of Scandinavia’s finest companies and allowed us to make a fresh start. Now, we must look forward, complete the transformation we started, and continue our commitment to achieving net-zero emissions by 2050 while seizing opportunities in growing markets. We have a great team and will soon join the SkyTeam Alliance family. There are countless opportunities for us to remain industry leaders for generations to come.”
Additionally, the new board of directors is expected to appoint Kåre Schultz, who has held positions at Novo Nordisk, Lundbeck, and Depa Pharmaceuticals, as chairman at an extraordinary general meeting scheduled for September 11.
