SAS Enters a New Era After Successfully Exiting Restructuring Proceedings

SAS has officially emerged from its restructuring proceedings, marking the beginning of a new era for Scandinavia’s leading airline. The successful conclusion of its chapter 11 process in the U.S. and Swedish company reorganization has led to a significant investment of USD 1.2 billion, positioning SAS for future growth and sustainability.

A New Beginning for SAS

The restructuring process has left SAS in a competitive and financially robust position, with a strengthened capital structure and substantial liquidity. The company’s transformation plan, SAS FORWARD, played a crucial role in this achievement by optimizing the airline’s network and fleet, reducing costs, and focusing on a sustainable future.

New Ownership and Leadership

The newly reorganized company is backed by principal owners Castlelake, Air France-KLM, Lind Invest, and the Danish State. Together, they have appointed a new Board of Directors, led by Kåre Schultz as Chairman. This new leadership is set to guide SAS through its next chapter of growth and innovation.

Achievements and Growth

SAS has seen a positive trend in passenger demand, with 18 million passengers in fiscal year 2024, a 6.5% increase from the previous year. The airline’s EuroBonus loyalty program continues to thrive, now boasting nearly 8 million members. Additionally, SAS recorded its highest-ever monthly profitability in July 2024, demonstrating the success of its cost-reduction efforts.

Commitment to Sustainability

SAS remains dedicated to achieving net-zero emissions by 2050, a commitment that aligns with its participation in the SkyTeam global airline alliance. The airline’s continued focus on sustainability is a key part of its strategy moving forward.

Looking to the Future

Anko van der Werff, President & CEO of SAS, expressed optimism about the future: “This is a historic day that marks the start of an exciting future for SAS. We have an excellent team, and with the support of our new investors and partners, we are well-positioned to lead in our industry for generations to come.”

Outgoing Chairman Carsten Dilling praised the efforts of the SAS team, stating, “SAS’ emergence from restructuring marks a turning point for the company. I am confident that SAS is in good hands to continue connecting Scandinavia with the world.”