Ailing SAS has taken a big step on its way out of the crisis. A U.S. court has approved the financial involvement of Air France-KLM and other investors in the Scandinavian airline. That means SAS will be 20 percent owned by Air France-KLM. The Danish state and investment company Castlelake are also taking a stake in the company. SAS has been struggling with major financial problems for some time. For example, the airline saw a sharp drop in passenger numbers during the corona crisis. The company also faced pilot strikes. In addition, SAS has competition from low-cost airlines. The company already filed for a moratorium last year. Anko van der Werff, SAS’ Dutch CEO who previously worked at KLM, called the court’s decision a “crucial milestone” in SAS’ restructuring plan. Under the agreement, the investors will provide SAS with a total of $1.2 billion, or 1.1 billion euros, for the reorganization. (Photo Shutterstock).
