This marks the start of a new era for SAS, according to an announcement, as the company emerges as a competitive and financially robust airline with a strengthened capital structure, a highly dedicated and experienced management team, a commitment to drive transformational change and sustainability in aviation and an attractive new customer offering together with the global airline alliance SkyTeam.
The new principal owners of the reorganized company, Castlelake, Air France-KLM, Lind Invest and the Danish state, have agreed to appoint a new board of directors for SAS, which will be led by Kåre Schultz as chairman of the board.
SAS, according to the announcement, 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. SAS has also successfully concluded a competitive exit financing solicitation process, selecting Castlelake, Air France-KLM and Lind Invest, together with the Danish state, as the winning bidder consortium. The exit financing transaction included a total investment in the reorganized SAS of $1.2 billion.
Anko van der Werff, CEO, said the emergence from bankruptcy was a “historic day.” He said the company now “must look ahead and complete the transformation that we have started, continue our commitment to achieving net-zero emissions by 2050, and take advantage of the opportunities in a growing market. We have an excellent team, we are shortly joining the SkyTeam alliance family, and we have every opportunity to remain a leader in our industry for generations to come.”
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