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    Home»Business»European airline SAS plummets 95% following reorganization

    European airline SAS plummets 95% following reorganization

    EmilyeBy EmilyeOctober 4, 2023No Comments2 Mins Read
    European airline SAS plummets 95% following reorganization

    European airline SAS plummets 95% following reorganization. As markets opened on Wednesday, shares of Scandinavian airline SAS plummeted 95% after the company announced a restructuring agreement that will result in its delisting.

    Shares were down approximately 83% at 7:26 a.m. ET, representing a reduction in losses.

    Read more: The number of employment openings in the United States increased unexpectedly in August.

    The airline announced on Tuesday that U.S. investment firm Castlelake and fellow aviation company Air France-KLM will become the airline’s new principal shareholders, holding approximately 32% and 20% of the company, respectively. SAS estimates that the Danish government will own about 26% of the company, while Danish investment firm Lind Invest will hold 8.6%.

    All of SAS AB’s common shares and listed commercial hybrid bonds are expected to be canceled, redeemed, and delisted in the second quarter of 2024, according to a statement issued by the company on Tuesday.

    SAS has endured years of financial difficulties before this development. In July 2022, the airline filed for bankruptcy protection in the United States due to escalating pressures from pilot strikes and low demand following the COVID-19 pandemic.

    SAS also announced that it will ultimately leave Star Alliance, a founding member, and join the Sky Team Alliance, affiliated with Air France-KLM.

    The move could affect the airline industry and the relationship between Sky Team and Star Alliance, according to Jacob Pedersen, director of equity research at Sydbank, speaking on Wednesday’s “Squawk Box Europe” on CNBC.

    “It shifts the balance of power towards Sky Team, particularly in the Nordic region, where some Star Alliance airlines may have to reconsider their presence or alter their strategy as they lose SAS as an alliance partner,” he said.

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    Emilye

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