Air France-KLM Takes SAS Stake in $1.2 Billion Restructuring

Castlelake, Danish state to invest as airline exits Chapter 11
Scandinavian flag-carrier to join SkyTeam, leave Star Alliance

SAS AB passenger aircraft on the tarmac at Copenhagen Airport in Copenhagen, Denmark.
Photographer: Carsten Snejbjerg/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Christopher Jungstedt and Albertina Torsoli

October 3, 2023 at 4:10 PM UTC

Updated on

October 3, 2023 at 5:28 PM UTC

This article is for subscribers only.

SAS AB chose Air France-KLM and private equity firm Castlelake LP to anchor a $1.18 billion investment in the bankrupt Scandinavian flag-carrier, ending a five-month chase for new capital.

Air France-KLM will invest up to $144.5 million and receive as much as a 19.9% of SAS, with the option to take a controlling interest after two years under certain conditions, according to a statement Tuesday.