![]() The US Bankruptcy Court for the Southern District of New York has approved SAS’s entry into the investment agreement with the winning consortium as part of the airline’s exit financing solicitation process, the pan-Nordic carrier said in a statement released late on November 21. SAS Scandinavian Airlines (SK, Copenhagen Kastrup) has received bankruptcy court approval in the United States for a USD1.2 billion investment agreement with a consortium that comprises the lessor Castlelake, Air France-KLM, the Danish investment firm Lind Invest, and the Danish state. SAS wins court nod for $1.2bn AF-KLM consortium funding - 04:06 UTC SAS received EUR833 million (USD911 million) in 2020, comprising approximately EUR175 million (USD191 million) in fresh equity, SEK6 billion (USD575 million) in newly issued. Chief Executive Anko van der Werff told Bloomberg the decision was expected. The re-authorisation does not affect the amount of the aid and has no direct financial implications, as the assistance was paid already in 2020. ![]() It has to be approved by SAS's general meeting of shareholders as the airline and the Swedish government are related parties under the Swedish Companies Act. The mechanism, as proposed, would entail unilateral commitments from SAS to issue new hybrid notes to the governments without any consideration. The two governments will have two months after being formally notified of the decision to amend the terms of the aid and include the step-up mechanism. The European Commission has re-authorised the 2020 Covid-era EUR833 million euro (USD911 million) recapitalisation of SAS Scandinavian Airlines (SK, Copenhagen Kastrup) by Sweden and Denmark, but ordered it to include a new step-up provision incentivising the governments to exit the shareholding. Click here.īrussels reauthorises state aid to SAS with new terms - 01:07 UTC Get your own ch-aviation PRO account today. Aircraft Stored, Scrapped or Written Off at Airport.Airport Lists by State, Country or Continent.Extended Search Options for over 6,000 Airports.Create your own favourite lists to group News articles.Passenger Numbers and Financial Results.Average Fleet and Subfleet age and total number of seats.Legal Name, Address, Phone, LinkedIn page and E-Mail.Search Airlines by Aircraft Type and/or Fleet Size. ![]() Search Airlines by Homebase, Country or Routes/Countries served.Search Airlines by Alliance, Airline Type, Status.Historical Information (Launch/End/Merger details).Extended Search Options for over 7,490 Airlines.Full access to all news articles including exclusive stories reported first by ch-aviation."News to go" - Ability to view multiple full news articles on one page.With a ch-aviation PRO subscription you benefit from a wide range of data and information such as: To access our news database including full archive search and exclusive stories reported first by ch-aviation you need to upgrade to ch-aviation PRO. Air France (AF, Paris CDG) was among the founders of Skyteam in 2000, while KLM Royal Dutch Airlines (KL, Amsterdam Schiphol) joined four years later. The switch is related to Air France-KLM's planned investment in SAS, which will initially give the Franco-Dutch holding a 19.9% stake in the Scandinavian carrier. He emphasised that the Scandinavian carrier will focus on minimising any disruption to passengers during the process. As of that moment, we will likely see Star Alliance begin to ramp down, and of course, what we will want to do is ramp Skyteam up at the same pace or faster," he said. "Once there's a confirmation hearing, it's going to be pretty clear that this will happen. SAS Scandinavian Airlines (SK, Copenhagen Kastrup) will begin the process of leaving Star Alliance and joining Skyteam in spring 2024, as it moves closer to exiting Chapter 11 restructuring, Chief Executive Anko van der Werff told The Points Guy during a Wings Club event.
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