Air France-KLM and investment firms take majority stake in bankrupt Scandinavian Airlines

SAS filed for bankruptcy protection in 2022 due to pandemic challenges.
An investor group led by Castlelake agreed to invest $1.18 billion for a majority stake in the airline.
Air France-KLM will acquire a 20% stake as part of the restructuring.
The Danish state will increase its stake to around 26% from 22%.
The deal wipes out existing SAS shareholders but requires court and regulatory approval.