SAS Wins Bankruptcy Court Approval on $1.2B Air France-KLM Deal

Stockholm-based SAS AB won US bankruptcy court approval to receive a $1.2 billion investment froma consortium led by Air France-KLM and private equity firm Castlelake LP, a major milestone in the Scandinavian airline’s bid to emerge from Chapter 11 next year.

• Judge Michael Wiles said on Tuesday during a hearing in New York that he’d authorize the investment deal, which is in the form of $475 million of equity in the restructured SAS and $725 million of convertible debt
  • In addition, Castlelake is providing debt to refinance about $500 million outstanding on a Chapter 11 loan provide by ...