Recent work | November 30, 2023

Roschier represents the Danish state in connection with the reorganization of SAS

On 4 November 2023, Scandinavian airline SAS announced that it has entered into an investment agreement with the winning bidder consortium in its exit financing solicitation process, consisting of Castlelake, L.P., on behalf of certain funds or affiliates, Air France-KLM S.A and Lind Invest ApS, together with the Danish state. Roschier represents the Danish state in connection with the investment and reorganization of SAS.

The agreed transaction structure includes a total investment in reorganized SAS corresponding to USD 1,200 million (SEK 13.2 billion), which includes USD 475 million (SEK 5.225 billion) in new unlisted equity and USD 725 million (SEK 7.975 billion) in secured convertible debt. On 21 November 2023, SAS announced that the U.S. Bankruptcy Court for the Southern District of New York has approved SAS’ entry into the investment agreement.

The agreed transaction remains subject to approval in connection with the confirmation of SAS’ chapter 11 plan of reorganization. SAS currently aims to receive approval from the U.S. Bankruptcy Court for the Southern District of New York of the chapter 11 plan in early 2024, to be followed by obtaining regulatory approvals and the implementation of a Swedish company reorganization (Sw. företagsrekonstruktion) at the SAS AB level (likely to be filed by SAS AB in 2024). The effectiveness of the transaction will occur upon the fulfilment of certain precedent conditions, including receipt of all relevant regulatory approvals. No approval is expected to be required from the existing shareholders of SAS AB for the transaction.

Roschier’s main advisory team comprises Pontus Enquist, Carl Brodén, Erik Ellenius and Anton Eriksson.