Scandinavian airline SAS has recently made headlines by successfully exiting U.S. Chapter 11 bankruptcy proceedings. This significant move has been described as the beginning of a “new era” for SAS, marking a pivotal moment for the airline.
The European Commission’s approval of SAS’s restructuring plan was a crucial step towards the airline’s recovery. This plan involved various strategic changes, including Air France-KLM taking a 19.9% stake in SAS. Additionally, SAS made significant adjustments to its debt, aircraft fleet, and agreements with stakeholders, creditors, and vendors.
Another key development for SAS is its impending entry into the SkyTeam airline alliance on September 1st. This partnership will open up new opportunities for SAS, allowing the airline to expand its network and enhance its services for customers.
As part of the restructuring process, SAS secured a total investment of $1.2 billion, which played a crucial role in the airline’s exit from bankruptcy. This investment included $475 million in new unlisted equity and $725 million in secured convertible debt.
SAS CEO and president Anko van der Werff commented on the milestone, stating, “This is a historic day that marks the start of an exciting future for SAS’ customers, partners, and colleagues. We have successfully completed our restructuring proceedings, and we are now entering a new era.” Van der Werff’s words reflect the optimism and determination of SAS’s leadership as they navigate this critical period in the airline’s history.
Scandinavian Airline SAS’s exit from bankruptcy proceedings signals a significant turning point for the company. With a renewed focus on growth and sustainability, SAS is poised to embrace the opportunities that lie ahead in the airline industry. The strategic partnerships, financial investments, and operational changes implemented by SAS demonstrate the airline’s commitment to a brighter future.