The US bankruptcy court has given the green light for a consortium including Air France-KLM, Castlelake and the Danish state to join SAS.
The Scandinavian airline had to file for insolvency proceedings in the United States of America through its parent company SAS Group in the summer of last year. A few weeks ago it was announced that a consortium that also included Air France-KLM had won the contract. It is therefore expected that SAS will leave the Star Alliance and join Skyteam.
The association of various investors and the state of Denmark wants to invest around 1,2 billion US dollars in the carrier. However, the investment still needs final approval as part of SAS's plan to reorganize in early 2024. The company doesn't expect current shareholders to get much out of this deal. The company plans to cancel existing shares and bonds. The US court also released a loan of $500 million.
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