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Scandinavian Airlines was saved

Corporate reorganization is expected to finish in mid-2024

The US Bankruptcy Court in New York has approved the rescue plan of the carrier Scandinavian Airlines (SAS), which operates as the national airline in Denmark, Norway and Sweden. Judge Michael Wiles gave the green light late yesterday afternoon, Tuesday 19 March 2024. The company reorganization project will now start and should end around the middle of this year.

"It was a very complicated process. We still have a lot of work to do. I thank the parties present at the hearing on behalf of SAS's 11,000 workers", said Anko van der Werff, CEO of Scandinavian Airlines, as reported by the Norwegian online newspaper "E24". 

In detail, Wiles authorized access to the benefits provided for by "Chapter 11" of the US bankruptcy law. Now, various regulatory authorities, including the European Commission, will have to scrutinize and authorize the reorganization plan that will be carried out by the new buyers: the Franco-Dutch Air France-KLM group, the Castlelake investment fund, the Danish government and the entrepreneur Henrik Lind. Profits for shareholders and debt collection blocked for six months. 

On the same topic, see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency