SAS enters into investment agreement as part of its reorganization process
In connection with its reorganization process, SAS has entered into an investment agreement with a consortium consisting of the Danish state, Castlelake, Air France-KLM and Lind Invest.
SAS AB, Scandinavia's largest airline, is currently undergoing a reorganization before the Bankruptcy Court of New York under Chapter 11 of the United States Bankruptcy Code ("Chapter 11").
As part of this reorganization process, SAS has entered into an investment agreement which, subject to the terms and conditions set forth therein, entails an investment of a total of USD 1.2 billion, which includes USD 475 million in equity and USD 725 million in convertible debt.
Before the investment agreement can be executed, the New York Bankruptcy Court must confirm SAS' plan of the reorganization, which will expectedly be followed by a Swedish company reorganization (expected during 2024). Plesner has advised the Danish Ministry of Finance.