SAS Scandinavian Airlines has hailed “a new era” in its history by successfully emerging from bankruptcy in the US with new owners and strengthened capital structure and a more financially robust model.
The airline’s is now owned by a consortium consisting of Air France-KLM, aviation investment firm Castlelake, Lind Invest and the Danish Government.
The owners will appoint a new board of directors for SAS, which will be lead by chairman Kåre Schultz.
The 2-year bankruptcy process saw SAS delist its shares from the stock exchange, restructure around $2bn in debt and reduce its fleet.
Anko van der Werff, President and Chief Executive of SAS, commented: “This is a historic day that marks the start of an exciting future for SAS’ customers, partners and colleagues. We have successfully completed our restructuring proceedings and we are now entering a new era. It has been a complex process and I’m thankful for the constructive collaboration with creditors and partners, for the valuable support from the Board, as well as impressive efforts, energy and enthusiasm throughout our organisation. Efforts that made it possible to save and restart one of the finest companies in Scandinavia. Now, we 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.”
Carsten Dilling, resigning Chairman of the Board of SAS, commented: “SAS’ emergence from the restructuring proceedings marks a turning point for the company and I will now hand over leadership to a new Board. On behalf of the Board, I would like to thank CEO Anko van der Werff and his team for their hard work, dedication and their commitment to saving this company and in building a strong new foundation for the future. They have done a truly remarkable job. I feel confident that SAS is in good hands to continue connecting Scandinavia with the world and the world with Scandinavia. For me, it has been an honour to help lead SAS through these difficult years to where we are today.”
Kåre Schultz, designated new Chairman of the Board of SAS, said: “I am honoured to be appointed as new Chairman of SAS, and I look forward to leading the Board’s work as SAS continues its proud legacy as Scandinavia’s leading airline. SAS has done a truly impressive job in navigating through the restructuring proceedings, and in building a competitive business positioned for growth. Together with SAS’ new investors, board and management, as well as with our partners in the SkyTeam alliance, we will continue to collaborate with partners and customers to drive transformative changes in aviation.”
