NEW YORK – March 20, 2024 – The Seabury Aviation Partners and Seabury Securities teams congratulate SAS on obtaining the approval of its plan of reorganization from the U.S. Bankruptcy Court for the Southern District of New York. Seabury served as co-lead investment banker and sole restructuring advisor. 

Over the course of the chapter 11 process, SAS has successfully reconfigured its aircraft fleet and reached amended lease agreements with 15 lessors, representing 59 aircraft. Through the amended lease agreements, SAS expects to achieve the targeted annual cost savings of at least SEK 1.0 billion in reduced aircraft lease expenses and annual cash flow items relating to aircraft financing. The agreed exit financing transaction with Castlelake, L.P. includes a total investment in reorganized SAS corresponding to USD 1,200 million, which includes USD 475 million in new unlisted equity and USD 725 million in secured convertible debt. 

“This is the first Chapter 11 case involving a European publicly traded company, and this case was exceptionally complicated, given the involvement of three sovereign European countries’ governments,” said John E. Luth, Chairman, President & CEO of Seabury Capital Group. “We are honored to have served in a lead role in this milestone case, and are pleased that SAS is now well positioned to compete as one of the world’s leading airlines.”

Read the official announcement at: https://www.sasgroup.net/newsroom/press-releases/2024/sas-receives-court-approval-of-chapter-11-plan/ 

ABOUT SEABURY CAPITAL GROUP

Seabury Capital Group LLC (“Seabury”) is headquartered in New York City with a global presence with professionals around the world. It operates a number of specialty finance, investment banking, technology, and software companies with a core focus anchored in aviation, aerospace & defense, and financial services & technology. www.seaburycapital.com.