Pillsbury Wins Cross-Border Turnaround Transaction of the Year (Large) at Turnaround Atlas Awards for Scandinavian Airlines Restructuring

Pillsbury represented a diverse group of parties in SAS’s U.S. chapter 11 proceedings in the Southern District of New York. The firm guided these clients through complex cross-border proceedings that spanned both the United States and Sweden, where SAS also commenced proceedings under the Swedish Company Reorganization Act.

With SAS and its affiliates reporting estimated liabilities exceeding $2 billion, the matter was among the most significant aviation restructurings in recent years. Pillsbury’s team secured court approval for the sale and leaseback of aircraft and successfully negotiated stipulations and allowed claims, safeguarding client interests in a highly complex environment. The reorganization plan, confirmed in March 2024, paved the way for new equity investment of approximately $1.2 billion, positioning SAS to emerge as a stronger and more competitive international carrier.

The Pillsbury team was led by Insolvency & Restructuring partners Dania Slim and Michael Burke, with support from counsel Andrew Alfano and Finance partner Richard Evans.

This award was just one of three awards given to Pillsbury for cutting edge restructuring representations at the 17^thAnnual Turnaround Atlas Awards. To learn more, click here and here.

Pillsbury Insolvency & Restructuring lawyers are widely recognized for devising cutting-edge solutions for financial institutions, secured and unsecured creditors, debtors and borrowers, indenture trustees, distressed investors and other interested parties. The team deftly navigates clients through business cycles, bankruptcies, complex restructurings and workouts and has extensive experience in chapter 11 cases, pre-arranged and pre-packaged bankruptcies, out-of-court restructurings, distressed M&As, capital raising and refinancings, recapitalizations and asset sales.