Scandinavian airline SAS exits US bankruptcy process

STOCKHOLM — Scandinavian airline SAS has exited US Chapter 11 bankruptcy proceedings as it completed its restructuring with a new ownership, the company announced on Wednesday. 

The company had filed for bankruptcy protection in the United States in July 2022, allowing it to continue to operate while it restructured $2 billion of debt.

SAS struggled to recover from the Covid pandemic, which grounded airlines worldwide in 2020, and was also hit by pilot strikes. 

The carrier is now owned by a consortium that includes US-based global investment firm Castlelake, the Danish state, Franco-Dutch airline Air France-KLM and Denmark's Lind Invest.

SAS received an investment of $1.2 billion during its reorganisation.

"This is a historic day that marks the start of an exciting future for SAS' customers, partners and colleagues," SAS Chief Executive Anko van der Werff said in a statement.

"We have successfully completed our restructuring proceedings and we are now entering a new era," he said.

The new owners appointed a new board of directors with Kare Schultz, a former pharmaceutical industry executive, as chairman.