Norton Rose Fulbright advises SAS on Chapter 11 restructuring

Global law firm Norton Rose Fulbright has advised Scandinavian Airlines (SAS), Scandinavia’s leading airline, as special aircraft finance counsel in its Chapter 11 restructuring.

The restructuring was completed through a Chapter 11 process in the US Bankruptcy Court and was the first Chapter 11 restructuring for a major European airline.

SAS commenced Chapter 11 in the US Bankruptcy Court for the Southern District of New York on 5 July 2022 and exited the process on 27 August 2024.

As special aircraft finance counsel, the Norton Rose Fulbright team advised SAS on the restructuring of the entirety of its fleet and financing contracts throughout the Chapter 11 process. 

Norton Rose Fulbright fielded a multi-disciplinary team out of London and New York to advise SAS on all aspects of the project, working alongside the SAS team, Seabury Securities LLC, SAS’s restructuring advisor, investment banker and financial adviser, and Weil Gotshal & Manges, SAS’s counsel.

The firm helped SAS secure long-term lease restructurings from SAS’s aircraft lessors, assisted with the reconciliation and settlement of numerous and complex fleet claims (including the settlement of claims under its JOLCO financings) and in documenting new and amended lease commitments as part of the re-organisation of SAS’s fleet. The firm also helped to restructure key debt commitments and document new financing commitments prior to the company's emergence from Chapter 11.

The London team was led by Norton Rose Fulbright partner Owen Mulholland and counsel Louise Auty, with support from partners Will Alete and Charlotte Winter.

Out of New York, the team was led by Norton Rose Fulbright partners David Rosenzweig and Fiona Henderson and senior counsel Francisco Vazquez.

Owen Mulholland commented:

“The SAS Chapter 11 restructuring was a fascinating and challenging case to work on. The Norton Rose Fulbright team is delighted to see the restructuring come to a successful conclusion for SAS and to have supported the SAS team throughout the process.”

The firm’s multi-award winning, global aviation practice holds 10 Tier 1 rankings across the leading legal directories, Chambers and Legal 500, based on the feedback of clients and peers.