Scandinavian airline SAS is wiping out existing shareholders as part of a rescue deal that involves bigger rival Air France-KLM and private equity firm Castlelake becoming new investors alongside the Danish state.
The long-struggling airline said on Tuesday that it would receive $475mn in new equity and $700mn in convertible debt as part of the deal, taking it off the stock exchange with no payment to current shareholders and little to bondholders.
Castlelake will become the biggest shareholder with a 32 per cent stake as well as a majority owner of the convertible debt. Air France-KLM would own 20 per cent, while the Danish government — the sole Scandinavian nation still invested in the airline — would own 26 per cent.
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