Scandinavian Airlines (SAS) has this week received approval from the courts for Air France-KLM & Castlelake share acquisition.
The deal was publicly revealed back in October, with it meaning that the airline can come out of Chapter 11 Bankruptcy following a tumultuous few years.
Without further ado, let’s get into it…
SAS Receives Approval for Air France-KLM & Castlelake Purchase…
Commenting on this approval by the courts for share acquisition by Air France-KLM & Castlelake was SAS CEO Anko van der Werff:
“The investment agreement that was approved by the court today is a key milestone in our SAS FORWARD plan, and it shows that our new investors believe in SAS and our potential to remain at the forefront of the airline industry for years to come.”
Scandinavian Airlines (SAS) announced last month that they expect to be out of bankruptcy proceedings by 2Q24 & will be joining SkyTeam thanks to Air France-KLM taking a near 20% stake in the airline.
Because of this $1.2bn deal between SAS and Air France-KLM, this means that the airline will be leaving Star Alliance, and joining SkyTeam, which will enhance connectivity between the Scandinavian carrier and the big European group.
Commenting on this significant milestone to come out of bankruptcy proceedings by 2Q24 was Carsten Dilling, the Chairman of the Board at the airline:
“This is a significant achievement of our transformation plan, SAS FORWARD. We have carried out a broad, competitive and thoroughly evaluated equity solicitation process, and we are confident that the selected bid is the most favourable for SAS, its creditors and other stakeholders.”
“Securing new capital is one of the key pillars in the SAS FORWARD plan and will provide a strong financial foundation to help drive our airline forward and facilitate our emergence from the U.S. chapter 11 process.”
“While there is still work remaining, I am pleased to see the great progress we are making to be a competitive and financially strong company.”
All eyes will be on how the new deal will perform, and whether it will provide financial agility to SAS going into the future.
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