Transportation
SAS Emerges From Chapter 11 With Fresh Capital, New Chair
- SAS picks Danish businessman Kare Schultz as chairman of board
- Two-year process ends with adjusted fleet, fresh investment
Passenger aircraft, operated by SAS AB, on the tarmac at Copenhagen Airport.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board.
The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.