SAS Completes Restructuring and Exits Bankruptcy

Scandinavian Airlines (SAS) has successfully emerged from a two-year restructuring process, concluding US Chapter 11 and Swedish reorganization proceedings, with over $2 billion of debt restructured and a $1.2 billion investment secured from a consortium including Castlelake, Air France-KLM, and the Danish government. The airline, which had faced significant financial challenges due to the pandemic, reported a 6.5% increase in passenger numbers and achieved its highest monthly profitability in July 2024. SAS is set to transition from the Star Alliance to the SkyTeam alliance on September 1, marking a new era for the carrier. Anko van der Werff, SAS CEO, expressed optimism about the company's future and the collaborative effort that led to its recovery. Newly appointed board members, including Kare Schultz as chair, will help steer SAS towards a more competitive foundation. The airline plans to distribute returns to creditors and stakeholders within the coming month.