U.S. Bankruptcy Judge Michael Wiles approved SAS AB’s 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. 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. 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.
Scandinavian airline SAS said on Tuesday a U.S. Bankruptcy Court had approved its Chapter 11 plan of reorganization. U.S. Bankruptcy Judge Michael Wiles approved SAS AB’s 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. 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.
(Bloomberg) -- Scandinavian airline SAS AB won bankruptcy court approval on a debt restructuring funded by a $1.2 billion investment anchored by Air France-KLM and private equity firm Castlelake LP.Most Read from BloombergTrump Rules Out Vivek Ramaswamy as Running Mate as He Eyes New TeamApple Is in Talks to Let Google Gemini Power iPhone AI FeaturesUltra-Wealthy Are Souring on Chicago’s Most Elite NeighborhoodNvidia Looks to Extend AI Dominance With New Blackwell ChipsWhat Happens If Trump Can’