The Scandinavian airline SAS is to receive fresh financing amounting to $1,21 billion from a consortium that also includes Castlelake, which specializes in sale and leaseback transactions.

The group of investors includes Apollo, Castlelake, Lind Invest, Air France-KLM and the Danish state, among others. The aviation company involved intends to invest around $25,26 million in SAS. Castlelake intends to take over around 32 percent. Air France KLM is to receive 20 percent, the Danish state 26 percent and the rest goes to smaller shareholders. The total amount invested in the operator amounts to $1,16 billion in real terms.

Castlelake intends to provide a loan of $505,25 million. This is intended to refinance loans. Liquidity should also improve. At least some of the funds should also be used for severance pay to staff. Anko van der Werff, CEO of SAS, said when announcing the significant cash injection: “With the conclusion of this investment agreement, SAS is taking the next step in its Chapter 11 proceedings in the USA.”

The group will now seek US court approval for the investment agreement and new debtor financing as soon as possible and hopes to receive the required court approval in November 2023.