Norton Rose Fulbright Advised Scandinavian Airlines On Successful Chapter 11 Restructuring
Global law firm Norton Rose Fulbright has provided counsel to Scandinavian Airlines (SAS), Scandinavia's leading airline
Norton Rose Fulbright Advised Scandinavian Airlines On Successful Chapter 11 Restructuring
Global law firm Norton Rose Fulbright has provided counsel to Scandinavian Airlines (SAS), Scandinavia's leading airline, as Special Aircraft Finance Advisor during its Chapter 11 restructuring. This restructuring marks the first Chapter 11 process for a major European airline.
SAS initiated Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of New York on July 5, 2022, and completed the process on August 27, 2024. Norton Rose Fulbright was instrumental in advising SAS on the restructuring of its entire fleet and financing agreements throughout this period.
The firm assembled a multi-disciplinary team from its London and New York offices to support SAS, collaborating with Seabury Securities LLC, SAS’s restructuring advisor, and Weil Gotshal & Manges, SAS’s counsel. The firm's role included facilitating long-term lease restructurings with aircraft lessors, resolving complex fleet claims, including those related to JOLCO financings, and documenting new lease agreements as part of SAS’s fleet reorganization. Additionally, Norton Rose Fulbright assisted in restructuring significant debt commitments and documenting new financing arrangements before SAS emerged from Chapter 11.
The London team was led by Partner Owen Mulholland and Counsel Louise Auty, with support from Partners Will Alete and Charlotte Winter. The New York team was spearheaded by Partners David Rosenzweig and Fiona Henderson, along with Senior Counsel Francisco Vazquez.
Owen Mulholland remarked, “The SAS Chapter 11 restructuring was a complex and intriguing case. We are pleased to have contributed to a successful outcome for SAS and to have supported their team throughout this challenging process.”