SAS Plummets 95% Following Restructuring Agreement
Shares in Scandinavian airline SAS plummeted by 95% after the company announced a restructuring deal that will result in its delisting from exchanges. The deal involves U.S. investment firm Castlelake and aviation company Air France-KLM becoming major shareholders, with the Danish government and Lind Invest also holding stakes. SAS, which filed for bankruptcy protection in July 2022, will leave the Star Alliance and join the Sky Team Alliance, potentially impacting the airline industry and the dynamic between the two alliances.