Transportation
Airline SAS Wins Court Approval on $1.2 Billion Restructuring
- Airline’s restructuring is led by Air France-KLM, Castlelake
- SAS to have $1.1 billion in unrestricted cash after bankruptcy
SAS AB has said it anticipates emerging from Chapter 11 in the first half of 2024.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
Scandinavian airline SAS AB won bankruptcy court approval on a debt restructuring funded by a $1.2 billion investment anchored by Air France-KLM and private equity firm Castlelake LP.
Judge Michael Wiles said Tuesday in a Manhattan hearing that he’d approve SAS’s restructuring plan pending final technical changes to his court order. The decision clears SAS’s path to exit Chapter 11 after the airline sought court protection in July 2022 in the wake of a substantial revenue drop caused by the Covid-19 pandemic, pilot strikes and fierce competition from lower cost carriers.