US Court approves SAS rescue plan

SAS has reached a significant milestone with a US bankruptcy court’s approval of their restructuring plan, a move toward exiting Chapter 11 bankruptcy protection initiated in July 2022. The plan, which involves agreements with creditors and new investors, still awaits approval from Swedish courts and the EU. Jacob Pedersen from Sydbank views the approval as a critical step in ending the prolonged bankruptcy phase. SAS anticipates finalizing the bankruptcy process by summertime, allowing company leadership to focus on the commercial aspects of the business once again. The future steps for SAS include securing EU approval for the Danish state to increase its ownership and examining Air France KLM’s investment in SAS. CEO Anko van der Werff hails the approval as a clear path to reconstruction, thanking investors, creditors, and employees for their support during the process.