Scandinavian airline SAS completes restructuring, emerges from bankruptcy in US

ANKARA

Sweden-based SAS airlines has completed a two-year restructuring and emerged from chapter 11 bankruptcy process in the US.

"Over the course of the restructuring proceedings, SAS has successfully restructured more than $2 billion of debt, adjusted its aircraft fleet and related costs and reached agreements with key stakeholders, creditors and vendors," the company said in a statement on Wednesday.

The airline also finalized a $1.2 billion investment by a consortium led by Castlelake and Air France-KLM Group, besides the Danish government and Lind Invest.

"This marks the start of a new era for SAS," said the company which filed for Chapter 11 bankruptcy in New York in July 2022.

The airline served 18 million passengers so far in fiscal year ( from Nov 2023 to July 2024), marking a 6.5% year-on-year rise.

The new owners of the company named a new board, whose chairman is Kare Schultz.