SAS shareholders may take airline public again

SAS owners can demand the airline to be relisted on the stock exchange in five years, according to new documents filed during the company’s bankruptcy protection process. Jacob Pedersen of Sydbank has reviewed the documents, which suggest that while this plan is not being actively pursued, owners must prepare for various scenarios. SAS is set to be delisted in the second quarter of this year as part of an agreement with the new group of investors, including Castlelake, Air France-KLM, Lind Invest, and the Danish state. Castlelake seeks to ensure an exit option if SAS struggles to restore earnings. The primary plan, however, is for SAS to become profitable and for Air France-KLM to eventually assume majority ownership. SAS began its current bankruptcy protection process a year and a half ago due to significant debt exacerbated by COVID-19 lockdowns and a pilots’ strike.