Seeing the end of the tunnel. That’s the feeling that SAS Scandinavian Airlines President and CEO Anko van der Werff must have, now that his airline is one step closer to exiting Chapter 11 restructuring early next year. Last week, the Southern District of New York Bankruptcy Court approved the investment agreement with the four new shareholders that was announced in October.
However, SAS will only be free to act once it has secured regulatory approval from the European Commission as well as implementing the restructuring of SAS AB in Sweden. Only then, the airline will close the book on a complicated juridical period. It started in February 2022 with the launch of the SAS FORWARD
transformation plan and was followed by filing for Chapter 11 in New York in July after the pilot strike.
Not surprisingly, SAS’ future dominated the FY2022/2023 earnings presentation on Thursday. Van der Werff welcomes the new consortium, with the Danish State (25.8 percent), Air France-KLM (19.9 percent), Castlelake (32 percent), and Lind Invest (8.6 percent) investing a combined SEK 13.2 billion in the reorganized airline. This includes SEK 5.2 billion in new, unlisted equity, plus SEK 8 billion in secured convertible debt.
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