{"id":149414,"date":"2024-03-19T15:00:05","date_gmt":"2024-03-19T15:00:05","guid":{"rendered":"https:\/?p=149414"},"modified":"2024-03-19T21:55:24","modified_gmt":"2024-03-19T21:55:24","slug":"sas-receives-us-court-approval-for-restructuring","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/03\/sas-receives-us-court-approval-for-restructuring.html","title":{"rendered":"SAS receives US court approval for restructuring"},"content":{"rendered":"\n

Scandinavian airline SAS<\/strong> said on Tuesday a U.S. Bankruptcy Court had approved its Chapter 11 plan of reorganization.<\/p>\n\n\n\n

U.S. Bankruptcy Judge Michael Wiles approved SAS AB\u2019s bankruptcy restructuring at a court hearing in Manhattan, clearing the airline to move ahead with a restructuring that includes a $1.2 billion investment from a consortium of bidders, including the Danish government.<\/p>\n\n\n\n

The deal will provide up to $325 million in value to the airline\u2019s junior creditors through a combination of cash and equity in the reorganized company.<\/p>\n\n\n\n

\u2192 SAS to fly between Copenhagen and Atlanta starting in June<\/a><\/em><\/strong><\/p>\n\n\n\n

The restructuring will allow SAS to emerge from bankruptcy as “a more competitive and financially stronger airline,” SAS attorney Kelly DiBlasi told Wiles at the hearing.<\/p>\n\n\n\n

SAS, which filed for bankruptcy in July 2022, used its Chapter 11 case to resolve a pilots strike, renegotiate labor agreements, and reconfigure its aircraft fleet, in addition to the financial negotiations, DiBlasi said.<\/p>\n\n\n\n

The company\u2019s exit from bankruptcy will be financed by $1.21 billion in funding from hedge fund Castlelake, airline Air France-KLM, investment manager Lind Invest ApS and the Danish state.<\/p>\n\n\n\n

The restructuring was supported by an “overwhelming majority” of the airline’s creditors, Diblasi said in court.<\/p>\n\n\n\n

With information from Reuters<\/a><\/p>\n\n\n\n

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