SAS names winning exit financing consortium SAS has selected Castlelake, Air France-KLM and Lind Invest, together with the Danish state, as the winning bidder consortium in its exit financing solicitation process. The agreed transaction structure involves a US$1.175bn (SEK 12.925bn) total investment in the reorganised SAS comprising: US$475 million (SEK 5.225bn) in new unlisted equity and US$700 million (SEK 7.7bn) in secured convertible debt, as well as a US$500 million (SEK 5.5bn) refinancing by Castlelake of SAS’ current debtor-in-possession (DIP) term loan. The shareholder structure post-reorganisation – based on total equity, but pre-conversion of the convertible debt – will show