{"id":227060,"date":"2023-10-05T05:15:00","date_gmt":"2023-10-04T22:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=227060"},"modified":"2023-10-05T06:18:03","modified_gmt":"2023-10-04T23:18:03","slug":"sas-to-join-air-france-km-group","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2023\/10\/sas-to-join-air-france-km-group\/","title":{"rendered":"SAS to join Air France-KM Group"},"content":{"rendered":"\n<p>PARIS, 5 October 2023: Air France-KLM will team up with Swedish airline SAS through equity and commercial cooperation, the airlines announced on Wednesday.<\/p>\n\n\n\n<p>Air France-KLM will take up to a maximum 19.9% non-controlling stake in the share capital of the reorganised SAS AB, subject to approvals and conditions.<\/p>\n\n\n\n<p>Air France-KLM said its goal is to enhance the group\u2019s footprint in Scandinavian markets through commercial cooperation between its airlines and SAS.<\/p>\n\n\n\n<p>The airline group welcomes today\u2019s announcement by SAS AB\u2019s Board of Directors that the Air France-KLM Group, Castlelake LP on behalf of certain funds or affiliates, and Lind Invest ApS (\u201cConsortium\u201d) have, together, been selected as the winning bidder in SAS\u2019s exit financing solicitation process.<\/p>\n\n\n\n<p>Air France-KLM CEO Benjamine Smith stated: \u201cThis is an important day for SAS and Air France-KLM. We are pleased to be part of the winning bidding consortium selected by the board of SAS. Air France-KLM looks forward to establishing strong commercial ties with SAS. With its well-established position in Scandinavia and strong brand, SAS offers tremendous potential to Air France-KLM. This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travellers. We look forward to being a part of this new chapter in SAS\u2019 history and thank the board of SAS for their trust.\u201d<\/p>\n\n\n\n<p>The Consortium&#8217;s investment proposal is subject to certain conditions and regulatory approvals including, but not limited to, approval by the European Commission, the US court overseeing the Chapter 11 reorganisation and, in respect of SAS AB, the Swedish court.<\/p>\n\n\n\n<p>Should this transaction be approved and all the other conditions (including regulatory clearances and cancellation of all existing shares of stock of SAS AB) be satisfied, the Consortium, together with the Danish State, would invest USD1.175 billion, of which USD475 million in common shares and USD700 million in the form of secured convertible bonds.<\/p>\n\n\n\n<p>Air France-KLM\u2019s investment would represent USD144.5 million, of which USD109.5 million would be invested in common shares and USD 35 million would be provided as secured convertible bonds. Upon completion of the transaction, Air France-KLM would own up to a maximum 19.9% non-controlling stake in the share capital of the reorganised SAS AB.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PARIS, 5 October 2023: Air France-KLM will team up with Swedish airline SAS through equity and commercial cooperation, the airlines announced on Wednesday. Air France-KLM will take up to a maximum 19.9% non-controlling stake in the share capital of the reorganised SAS AB, subject to approvals and conditions. Air France-KLM said its goal is to [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":224325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,267],"tags":[],"class_list":{"0":"post-227060","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airlines","8":"category-europe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SAS to join Air France-KM Group - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2023\/10\/sas-to-join-air-france-km-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAS to join Air France-KM Group - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"PARIS, 5 October 2023: Air France-KLM will team up with Swedish airline SAS through equity and commercial cooperation, the airlines announced on Wednesday. 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