Scandinavian airline SAS completes restructuring, exits US bankruptcy proceedings By Reuters

(Reuters) -Scandinavian airline SAS has completed restructuring and emerged from Chapter 11 bankruptcy proceedings in the United States, it said on Wednesday.

The Sweden-based airline has restructured more than $2 billion of debt, adjusted its aircraft fleet and reached agreements with key stakeholders, creditors and vendors, it said in a statement.

SAS, which filed for bankruptcy in July 2022, had in March received approval from a U.S. bankruptcy judge for its Chapter 11 plan of reorganization, clearing the airline to move ahead with a restructuring that included a $1.2 billion investment from a consortium of bidders, including the Danish government.

The airline has concluded an exit financing solicitation process with a consortium of hedge fund Castlelake, Air France-KLM, investment manager Lind Invest and the Danish state as the winning bidder.

The transaction included an investment of $1.2 billion, which comprised $475 million in new unlisted equity and $725 million in secured convertible debt.

SAS on Tuesday reached a wage deal with its cabin crew in Norway, prompting workers to call off a strike that has grounded dozens of flights since late last week.