Shares in Scandinavian Airlines plunge to become almost worthless after rescue deal announced
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shares in Scandinavian Airlines dropped more than 90% on Wednesday after the ailing carrier announced new shareholders in a restructuring scheme that will see the company delisted and existing ownership stakes erased. The rescue deal involving airline alliance Air France-KLM and private equity firms Castlelake and Lind Invest, which became investors alongside the Danish state, was presented late Tuesday. In July 2022, Scandinavian Airlines filed for bankruptcy in the United States, saying it had “voluntarily filed for Chapter 11, a legal process for financial restructuring conducted under U.S. federal court supervision.” By doing that it put civil litigation on hold while the business reorganizes its finances. The airline also will move from its current Star Alliance group and join Air France-KLM’s SkyTeam that counts Aeroflot, Air France, Alitalia, Delta Air Lines, KLM Royal Dutch Airlines, Korean Air, among others.
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