ESA has adopted a decision concluding that Norway’s participation as creditor in the restructuring of the SAS Group did not involve state aid. Norway participates in the SAS Group restructuring via Export Finance Norway (Eksfin), a financial enterprise under the Norwegian Ministry of Trade Industry and Fisheries. As part of the restructuring, Eksfin would write off an unsecured claim of approximately NOK 1.7 billion against the group’s parent company, SAS AB (Scandinavian Airlines System Aktiebolag), and certain other group entities. This claim originated from a COVID-19 related guarantee scheme for airlines. In return for the write-off, Eksfin receives shares in the reorganised SAS, and potentially a cash payout.
In its Decision, ESA has considered that compared to alternatives, the restructuring provides Eksfin with a financially more beneficial result and means that SAS does not receive an economic advantage from Norway’s – via Eksfin – participation in the restructuring.
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