Air France-KLM consortium to invest $1.1bn for SAS revival

The investment includes $475 million in new unlisted equity and $700 million in secured convertible debt as well as a $500 million refinancing by Castlelake of SAS’ current debtor-in-possession term loan.

SAS is intended to eventually join the SkyTeam Alliance (SkyTeam), of which Air France-KLM is a founding member, and exit the Star Alliance. While Castlelake will hold approximately 32% of the equity, the Danish state will hold 25.8%, Air France-KLM 19.9% and Lind Invest 8.6%.

This is a significant achievement of our transformation plan SAS FORWARD. Securing new capital is one of the key pillars in the SAS FORWARD plan and will provide a strong financial foundation to help drive our airline forward and facilitate our emergence from the U.S. chapter 11 process: Carsten Dilling, SAS

Through the completion of this process and the opportunities presented by being part of SkyTeam, we will be able to further enhance SAS’ offerings for the benefit of our colleagues, customers and communities: Anko van der Werff, SAS

This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travellers. We look forward to being a part of this new chapter in SAS’ history: Benjamin Smith, Air France-KLM

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