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December 9, 2023
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A consortium that includes investor Castlelake, Air France-KLM, and Lind Invest is to take a combined 60.5 percent majority stake in SAS Scandinavian Airlines. The consortium is the winner of the equity solicitation process, that SAS launched in May and closed on September 25. The transaction remains subject to various conditions and needs approval from creditors and the New York Southern District Bankruptcy Court, which is leading the Chapter 11 restructuring.

The decision of the winning bid was made during a Board meeting just thirty minutes before it was announced during a webcast press conference in Stockholm, Board Chairman Carsten Dilling said. The equity raise is part of theĀ SAS FORWARD restructuring plan that was announced in February 2022. It includes a SEK 9.5 billion equity raise, SEK 20 billion in debt restructuring, and SEK 7.5 billion in structural cost reductions.