SAS Emerges From Chapter 11 With Fresh Capital, New Chair (1)

After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board.

The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.

The restructuring saw Air France-KLM and Castlelake LP — with help from Lind Invest ApS and the Danish state ...