Scandinavian airline SAS has exited U.S. Chapter 11 bankruptcy proceedings.
The move, described as "a new era" for SAS, comes after the European Commission last month approved the carrier's restructuring plan, which will see Air France-KLM take a 19.9% percent stake in SAS, and just days ahead of its entry into the SkyTeam airline alliance on Sept. 1.
Since filing for Chapter 11 bankruptcy protection in the U.S. two years ago, the airline has restructured more than $2 billion of debt, adjusted its aircraft fleet and reached agreements with stakeholders, creditors and vendors, the carrier said.
The exit financing transaction included a total investment of $1.2 billion in the restructured SAS, which comprised $475 million in new unlisted equity and $725 million in secured convertible debt.
SAS CEO and president Anko van der Werff in a statement said: "This is a historic day that marks the start of an exciting future for SAS' customers, partners and colleagues. We have successfully completed our restructuring proceedings and we are now entering a new era.
"Now, we must look ahead and complete the transformation that we have started, continue our commitment to achieving net-zero emissions by 2050, and take advantage of the opportunities in a growing market."
Source: Business Travel News