Editing SAS Group (section)

=== Impact of COVID-19 and restructuring ===
In 2020, SAS halted most of its traffic from March 16 due to the [[COVID-19 pandemic]].<ref>{{Cite news|url=https://www.reuters.com/article/us-health-coronavirus-sas/sas-to-halt-most-flights-temporarily-lay-off-90-of-staff-idUSKBN2120YZ|title = SAS to halt most flights, temporarily lay off 90% of staff|newspaper = Reuters|date = 15 March 2020|last1 = Ahlander|first1 = Stine Jacobsen}}</ref> This decision led to the temporary layoff of 90% of the group's staff as travel demand plummeted globally.<ref>{{Cite web |last=Smith |first=Gordon |date=2024-08-28 |title=Air France-KLM Now Owns 20% of SAS: 3 Big Changes to Watch |url=https://skift.com/2024/08/28/air-france-klm-now-owns-20-percent-sas-3-big-changes/ |access-date=2024-09-02 |website=Skift |language=en-US}}</ref> In July 2022, SAS filed for [[Chapter 11 bankruptcy protection]] in the United States as part of a restructuring effort to address its financial difficulties.<ref>{{Cite news|url=https://www.reuters.com/business/aerospace-defense/sas-stock-dives-95-restructuring-announced-2023-10-04/|title=SAS stock dives 95% as restructuring announced|newspaper=Reuters|date=4 October 2023|last1=Rasmussen|first1=Louise}}</ref>

As part of the restructuring plan, SAS secured new investments and underwent significant ownership changes. US investment firm Castlelake acquired a 32% stake in the reorganised airline, while [[Air France–KLM|Air France-KLM]] obtained around 20%. The Danish state obtained a 26% share, and Danish investor Lind Invest acquired 8.6%. The remaining equity was expected to be distributed among SAS's creditors.<ref>{{Cite news|url=https://www.reuters.com/business/aerospace-defense/sas-stock-dives-95-restructuring-announced-2023-10-04/|title=SAS stock dives 95% as restructuring announced|newspaper=Reuters|date=4 October 2023|last1=Rasmussen|first1=Louise}}</ref>

The restructuring also involved delisting SAS from the [[Nasdaq Stockholm|Stockholm]], [[Nasdaq Copenhagen|Copenhagen]], and [[Oslo Stock Exchange|Oslo]] stock exchanges, resulting in the existing shares' value being reduced to zero. This decision affected over 250,000 shareholders, many of whom were [[retail investors]], and led to a 95% drop in the stock's value.<ref>{{Cite news|url=https://www.reuters.com/business/aerospace-defense/sas-stock-dives-95-restructuring-announced-2023-10-04/|title=SAS stock dives 95% as restructuring announced|newspaper=Reuters|date=4 October 2023|last1=Rasmussen|first1=Louise}}</ref>

The restructuring marked the end of [[Wallenberg family|Wallenberg family's]] involvement in SAS. A prominent Swedish business dynasty, the Wallenbergs had had involvement in SAS since 1946, and through their investment company, [[FAM AB]] had been a major stakeholder in SAS. Their stake was effectively wiped out during the restructuring process.<ref>{{Cite news|url=https://www.reuters.com/business/aerospace-defense/sas-stock-dives-95-restructuring-announced-2023-10-04/|title=SAS stock dives 95% as restructuring announced|newspaper=Reuters|date=4 October 2023|last1=Rasmussen|first1=Louise}}</ref>

[[Air France–KLM|Air France-KLM]], which became a significant shareholder, indicated plans to integrate SAS flights into its existing network at its hubs in Amsterdam and Paris. This was part of Air France-KLM's broader goal to expand its operations in the [[Nordic countries|Nordic region]].<ref>{{Cite news|url=https://www.reuters.com/business/aerospace-defense/sas-stock-dives-95-restructuring-announced-2023-10-04/|title=SAS stock dives 95% as restructuring announced|newspaper=Reuters|date=4 October 2023|last1=Rasmussen|first1=Louise}}</ref> A condition of the deal is that Air France-KLM could also expand its stake in SAS after at least two years to become a [[Controlling interest|controlling shareholder.]]<ref>{{Cite web |title=Air France-KLM snatches up 20 percent of SAS Airline {{!}} NL Times |url=https://nltimes.nl/2024/08/31/air-france-klm-snatches-20-percent-sas-airline |access-date=2024-09-02 |website=nltimes.nl |date=31 August 2024 |language=en}}</ref>