Financially ailing airline SAS got approval from a U.S. court for an investment deal. This deal involves a group (including Castlelake, Air France-KLM, Lind Invest, and the Danish state) investing a total of $1.2 billion in SAS. This investment includes new money and loans.
Additionally, SAS received court approval for a $500 million loan to help with their financial situation during their bankruptcy process. The CEO of SAS sees this investment as a positive step for the company’s future.
However, the investment deal still needs final approval as part of SAS’s plan to reorganise in early 2024. They anticipate that current shareholders won’t get much from this deal. The company plans to cancel existing shares and bonds.
Ultimately, this approval of investment and loans is a significant step in SAS’s efforts to reorganise and recover from bankruptcy, but there are still several steps to go before it’s finalised.
This post was published on 22 November 2023 18:26
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