SAS stock dives 95% as restructuring announced
© Reuters. FILE PHOTO: Scandinavian Airlines flights are seen listed at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. REUTERS/Andrew Kelly/File PhotoCOPENHAGEN - Shares in SAS tumbled 95% at market open on Wednesday after the Scandinavian airline announced new big shareholders late on Tuesday in a restructuring that will see the group delisted from bourses and existing ownership stakes erased.
SAS said U.S. investment firm Castlelake and Air France-KLM would become new major shareholders in the airline alongside the Danish state following bankruptcy proceedings. Scandinavia's biggest carrier filed for bankruptcy protection in the United States in mid-2022 after years of struggling with high costs coupled with low customer demand brought on by the pandemic.
Castlelake will take a stake of about 32%, Air France-KLM will own around 20%, Lind Invest 8.6% and the Danish state will hold about 26%, SAS said.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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