SAS bids farewell to the stock market after 23 years

Scandinavian Airlines (SAS) is set to bid goodbye to the stock exchanges in Copenhagen, Stockholm, and Oslo after over 23 years, with the final trading day being Tuesday, the company announced. Owners of current shares will be compelled to redeem their shares with no compensation. SAS’s market value, which peaked at over 21 billion Swedish kronor in 2007, was around 116 million kronor shortly before this announcement. A restructuring plan approved on July 19 by the Stockholm court is facilitating the delisting to attract new capital and reduce debt. A consortium, including Castlelake, Air France-KLM, Lind Invest, and the Danish government, is investing 13.2 billion Swedish kronor into SAS. This move will help SAS exit its more than two-year-long bankruptcy protection phase quite soon, though the exact timing is uncertain.