/cloudfront-us-east-2.images.arcpublishing.com/reuters/E75MWJWDWBOBVHWIPYSUKUN4FU.jpg "SAS shares plunge 95% with restructuring announcement")
Scandinavian Airlines (SAS) flights appear listed at Copenhagen Kastrup Airport in Copenhagen, Denmark, on July 3, 2022. REUTERS/Andrew Kelly/File Photo Obtaining licensing rights
COPENHAGEN, Oct 4 (Reuters) – SAS (SAS.ST) shares fell 95% at the market open on Wednesday after the Scandinavian airline announced new major shareholders late on Tuesday in a restructuring that will see the group delisted from stock exchanges and existing ownership stakes. . erased.
SAS said that US investment firm Castellec and Air France-KLM will become new major shareholders in the airline along with the Danish state after bankruptcy proceedings.
Scandinavia’s largest airline filed for bankruptcy protection in the United States in mid-2022 after years of struggling with high costs coupled with falling customer demand due to the pandemic.
Castlelake will hold a stake of about 32%, while Air France-KLM will hold about 20%, Lind Invest 8.6%, and the Danish state will hold about 26%, SAS said.
The remaining shares are likely to be distributed to creditors, the airline said.
SAS shares, which had already fallen in recent years, fell 79% by 0742 GMT to 0.06 Swedish krona ($0.0054).
($1 = 11.0853 Swedish krona)
(Reporting by Louise Brosch Rasmussen in Copenhagen and Anna Ringström in Stockholm) Editing by Terje Solsvik
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