SAS has successfully completed its restructuring process, emerging from Chapter 11 in the US and a Swedish company reorganisation, backed by a $1.2 billion investment.
The airline now stands as a financially strong and competitive entity, with a reinforced capital structure and a commitment to transformation and sustainability. New principal owners, including Castlelake, Air France-KLM, Lind Invest, and the Danish State, have appointed Kåre Schultz as the new Chairman of the Board.
Throughout the restructuring, SAS restructured over $2 billion in debt, optimised its fleet, and secured agreements with key stakeholders. The airline has seen a positive trend in passenger demand, with a 6.5% increase in travellers compared to the previous year, and recorded its highest monthly profitability in July 2024.
SAS is now set to join the SkyTeam alliance, continuing its legacy as Scandinavia’s leading airline with a focus on sustainability and growth in a competitive market. The transition marks a new chapter for SAS as it continues its transformation under the guidance of its new leadership and investors.
This post was published on 28 August 2024 11:54
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