A US judge has given the green light for the airline SAS's reorganization process under bankruptcy protection under Chapter 11 of the US Bankruptcy Code.
”"It has been a very complicated process. We still have a lot of work to do," says the company's CEO Anko van der Werff after Tuesday's court hearing, according to the Norwegian business website. E24.
He also thanked the participants at the court hearing in New York ”and the 11,000 people within SAS on behalf of”.
Most creditors agreed to the rescue plan and Judge Michael E Wiles therefore approved the proceedings.
It has been a year and eight months since SAS filed for bankruptcy protection in the US, and the process has taken much longer than expected.
There are still some approvals to be obtained in Sweden and it is believed that the long legal and financial purgatory for SAS will not be over until June.
In addition to Air France-KLM, the investment company Castlelake, together with the Danish state and financier Henrik Lind, will take control of the previously Scandinavian state-controlled airline, if everything goes according to plan.
The transactions that result in the new ownership structure in SAS must also be approved by the European Commission, which is reviewing the constellation for competition.
Source: TT-DI.SE
